In October, the cost of pre-owned housing in the Canary Islands surged by 13.9% compared to the same month last year, as revealed by the Fotocasa Real Estate Index. Across Spain, pre-owned housing prices rose by an average of 9.5% year-on-year and by 0.4% month-on-month, reaching 2,363 euros per square metre nationally.
This year-on-year increase of 9.5% in October matches the previous month’s growth and represents the highest increase in over a year. According to Fotocasa’s Director of Studies, María Matos, the rise is attributed to a persistent mismatch between supply and demand, which is likely to continue driving prices upward in the coming months.
Regional Price Increases
In October, 17 autonomous communities saw year-on-year price hikes. Leading the increases were:
- Valencia (+20.5%)
- Madrid (+19.7%)
- Balearic Islands (+17.9%)
- Region of Murcia (+15.8%)
- Andalusia (+15.2%)
- Canary Islands (+13.9%)
- Cantabria (+10.9%)
- Galicia (+10.5%)
Highest-Priced Regions
In the ranking of regions with the highest pre-owned housing prices, the Balearic Islands and Madrid remain the most expensive, with prices per square metre reaching 4,485 euros and 4,281 euros, respectively. These regions are followed by:
- Basque Country (3,220 euros per square metre)
- Catalonia (2,807 euros per square metre)
- Canary Islands (2,714 euros per square metre)
- Andalusia (2,235 euros per square metre)
- Cantabria (2,085 euros per square metre)
- Navarre (2,084 euros per square metre)
- Valencian Community (2,033 euros per square metre)
Price Increases in Provinces
In October, housing prices rose in 43 of the 50 provinces analysed, or 86% of provinces. Leading the provincial increases were:
- Alicante (+22.4%)
- Malaga (+19.7%)
- Madrid (+19.7%)
- Segovia (+19%)
- Balearic Islands (+17.9%)
- Toledo (+17.3%)
- Murcia (+15.8%)
- Granada (+14.9%)
- Castellón (+14.4%)
- Pontevedra (+14.3%)
The Balearic Islands remains the most expensive province, with an average price of 4,485 euros per square metre, followed by Madrid at 4,281 euros per square metre. In contrast, Ciudad Real had the lowest prices, withpre-owned housing costing an average of just 954 euros per square metre.
The overall trend reflects a nationwide upward pressure on housing prices, driven by limited supply and sustained demand, a situation that may challenge affordability in the near future.
