In 2023, housing prices in Santa Cruz de Tenerife saw a significant rise of 20.9%, only surpassed by Soria at 23.1% and followed by Huesca with an 18.5% increase, as reported by the latest Idealista indexes.
Throughout 2023, not a single Spanish provincial capital experienced a decrease in second-hand housing prices. By the year’s end, the average price of such housing in Spain climbed by 8.1%, reaching €2,042 per square metre.
Rental prices also saw a substantial hike, ending 2023 with a 10.1% increase, setting a new high at €12.1 per square metre. Among the provincial capitals, 50 cities recorded higher rental prices than the previous year, with Segovia (+24.6%), Valencia (+21%) and Palma (+20.2%) leading the way.
Four capitals—Madrid, Alicante, Cadiz, and Malaga—set record figures in both rental and sales prices at the end of 2023.
Madrid achieved a new peak in second-hand housing sale prices at €4,118 per square metre in December, a 6.1% year-on-year increase in 2023. However, this peak was only seen in 10 of the capital’s 21 districts. Conversely, all districts of Madrid saw record-high rental prices, averaging €17.9 per square metre.
In Malaga, the Este and Centro districts led in both buying and renting prices, at €3,723 and €3,567 per square metre respectively for purchases, and €15.1 and €14.7 per month respectively for rentals.
Cádiz’s housing sale prices reached €2,786, up 9.6% year-on-year in December. Rental prices in the city increased to €11 per square metre, following a 2% rise in December.
Alicante witnessed substantial increases in both sale (+17.5%) and rental (+16%) prices. The sale prices in Alicante hit a new high at €1,915 per square metre, and rental prices reached €10.8 per month, marking new records for the Mediterranean coastal city.
