Prices for second-hand homes in Spain rose by 9.2% in January compared to last year, now averaging 2,237 euros per square meter. While that’s a 1.3% rise over the last three months, there was a slight dip of 1.3% compared to December. It shows how quickly things can change in Spain’s property market, where trends can shift from month to month.

So, if you’ve been thinking about buying or renting in Spain, you’re probably wondering, what does this mean for me?

Regional Price Trends: Where Are Prices Rising and Where Are They Dropping?

The property market isn’t the same everywhere in Spain. In fact, 15 regions saw prices increase in the past year. Madrid took the top spot with an impressive 18.6% rise, followed by the Canary Islands (16.3%) and the Valencian Community (14.6%). These regions are clearly in high demand, whether for their beaches, city life, or great weather.

But not everywhere is seeing such high numbers. Areas like Extremadura and Aragón saw slight price drops (around -0.8% and -0.3%, respectively), making them more affordable for those looking to make a move without spending too much. If you’re on a tighter budget, these areas might be worth considering.

Top Places to Buy—and Sell—Property in Spain

When it comes to where you’ll pay the most, the Balearic Islands top the list with an average price of 4,729 euros per square meter, followed by Madrid at 3,851 euros. These high prices could be great news if you’re selling a property here, but not so much if you’re looking to buy.

On the other hand, areas like Castilla-La Mancha and Extremadura are still much more affordable, with prices as low as 933 euros per square meter. For those looking for the charm of rural Spain or a more peaceful lifestyle, these regions offer great opportunities to get more space for less money.

Big Cities and Rising Prices: What’s Going On?

If you’ve been eyeing a big city like Valencia, you might want to act quickly. Valencia’s property prices jumped a massive 23% over the past year, the highest increase of any major city. Madrid and Málaga followed closely behind with price increases of around 20%. This could be good news for sellers, but buyers might feel the pinch of rising prices in these popular cities.

For renters, it could mean higher rents in these areas as well. Expect more competition in these hot markets, especially in cities with excellent transport links, job opportunities, and plenty of amenities.

On the flip side, if you’re considering a city like Huesca or Girona, where prices have dipped slightly, you might find a bargain, but these areas aren’t seeing the same level of demand as larger cities.

What Does This Mean for You?

For buyers, the second-hand property market is heating up, particularly in cities like Madrid, Valencia, and Málaga. If you’ve been waiting for the right time to buy, that time might have passed in these areas. However, don’t worry, there are still affordable regions to explore, especially if you’re looking for a slower pace of life or a second home in a quieter part of Spain.

For renters, this price increase might lead to higher rents, especially in the most popular areas. You might want to think about looking in places where rent prices are still lower, or consider being flexible with your living situation.

For sellers, now could be a great time to list your second-hand property, especially if it’s in a high-demand area. However, if you’re looking to buy somewhere else, you might end up paying higher prices for your next place.

Wrapping It Up

Whether you’re buying, renting, or selling, Spain’s property market is moving fast. Second-hand home prices are rising in many places, but there are still affordable regions out there. The key is knowing where to look and what fits your needs and budget. If you’re ready to make a move, now might be the perfect time, but make sure you’re making the right choice for your future.

Main image: Shutterstock/Oleg_P