Average price per square meter of houses in Madrid Q1 2019, by district

Some of the 21 districts of Spain’s capital city are well far off the 1.6 thousand euros per square meter that Spaniards had to pay on average to purchase a home in 2018. In fact, many areas of the Community of Madrid appeared on the list of most expensive municipalities to purchase a property in Spain. The Spanish capital is home to some of the wealthiest districts of Spain, such as the historic Salamanca district, which topped the list at over 4.9 thousand euros per square meter in the first quarter of 2019.

Rents in Spain

Whilst Madrid’s districts had the highest prices for residential real estate, the Spanish capital was not the most expensive place to rent. Ibiza topped the list of the least affordable properties to rent, with households hypothetically requiring over 162 percent of their full income to pay off the rent. Located in the Andalusian province of Malaga, Marbella ranked second on the list, with over 156 percent of the full household income.

Spain: the rebirth of a property market

After a long period of time in which Spain’s real estate prices increased sharply, the market was hit by the global financial crisis of 2007, making the Spanish property bubble collapse and damaging home value. According to the European Mortgage Federation (EMF), real estate prices in Spain initiated a solid recovery in 2015, reaching 78.7 house price index points in 2018 from a lowest point of 70.8 index points recorded in 2014. The property market has made great progress, but it is still far off the rest of its European counterparts, and it is positioned, in fact, at the bottom of the European list of the EMF’s house price index, which is led by Sweden at 160.6 index points.

Average house price per square meter in Madrid as of 1st quarter 2019, by district

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Source

Release date

May 2019

Region

Spain

Survey time period

1st quarter 2018

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