Property sales fall as Andalucia asking prices surge by another 10% — with steepest rises in Sevilla and Almeria
In this news:
Key takeaways
- Average property asking prices in Andalucia surged by 10% over the last year.
- Sevilla and Almeria recorded the steepest annual price hikes at 14.7% and 14.3%.
- Rising property costs and expensive financing are causing a noticeable drop in sales.
Property sales across Andalucia have dropped in the wake of spiralling asking prices, which have surged by another 10% over the last year to hit an all-time high.
The average two-bedroom flat in the southern Spanish region now costs €236,160, for a standard size of 80 sqm.
But the explosive double-digit growth is no longer concentrated on the expat-heavy Costa del Sol.
Regional price growth
Instead, secondary markets are leading the boom, with Sevilla province recording a 14.7% annual hike and Almeria close behind at 14.3%.
Granada also saw a steep 13% rise, while Malaga province recorded a more modest 6.6% increase.
Despite the slower growth, Malaga remains by far the most expensive province in Andalucia, shattering its own records to reach €345,360 for a typical two-bed flat.
Jaen remains the cheapest province for buyers, where an equivalent 80 sqm property sits at just €70,320.
Market impact and capitals
Experts warn that the soaring costs are actively pricing house hunters out of the market.
Francisco Iñareta, spokesperson for property portal Idealista, said the housing market has reached a ‘turning point’.
“The high prices reached by housing have expelled part of the demand,” he said.
He added that this pricing out, combined with more expensive financing, has caused a drop in sales.
Iñareta suggested that major capitals could soon see price stabilisation or even drops, while secondary markets that are still accessible will keep on growing at double-digit rates.
When looking specifically at capital cities, Cadiz saw the sharpest rise over the last 12 months with sellers asking for 11.7% more for their homes.
Malaga city recorded the smallest increase among Andalucian capitals at 4.1%, but remains the most expensive with a two-bed flat costing around €317,520.
Sellers in Cadiz city are now asking €270,560 for a standard two-bed, followed by Sevilla at €234,640.
Jaen and Huelva are the most affordable capitals in the region, with two-bed flats priced at €117,280 and €139,680 respectively.
Across Spain as a whole, used housing prices rose by 11.8% year-on-year during the third quarter, putting the national average for a two-bed property at €234,400.
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