The price of free housing increased by 8.2% in the Canary Islands in the third quarter of the year, the second highest increase only behind the Balearic Islands.
The average increase in Spain was 4.2%, reaching 1,812.4 euros/m2, the highest amount recorded since the end of 2010, according to data published this Thursday by the Ministry of Housing and Urban Agenda.
Compared to the previous three months, the price of housing moderated its increase to 1.1%, in a context marked by the rise in interest rates to contain inflation and the consequent increase in financing costs, which, although it has cooled the sales and mortgage market, has not been reflected in prices.
Since the fourth quarter of 2010, the average price per square meter had not exceeded 1,800 euros. This increase is in addition to the 3% increase in housing prices in both the first and second quarters of the year, the same percentage recorded at the end of 2022.
With this new increase, the price of housing has been growing uninterruptedly since the second quarter of 2021.
The islands lead the increases and Madrid is the most expensive
In the third quarter of the year, the price of housing increased in all autonomous communities, and the largest increases compared to last year occurred in Balearic Islands (9.1%); Canary Islands (8.2%); La Rioja (7.2%); Valencian Community (6.5%); Asturias (5%) or the Community of Madrid (4.7%).
Considering the average price per square meter, the most expensive in Spain is the Community of Madrid (3,008 euros). Next were the Balearic Islands (2,920 euros) and the Basque Country (2,528 euros).
In contrast, the lowest prices were located in Extremadura (868 euros) and Castilla-La Mancha (947 euros), being the only communities in which the price per square meter is below 1,000 euros.
The largest increases at the quarterly level occurred in Aragon (2.7%), La Rioja (2.5%) and Murcia (2.3%).
With respect to the previous quarter, the price of housing did show declines in several communities: Extremadura (1%); Basque Country (0.8%); Navarra (0.7%) and Castilla-La Mancha (0.2%).
Between July and September, 136,756 appraisals were recorded, being a basic requirement when applying for a mortgage, 13% less than in the same period of the previous year and the lowest figure since the third quarter of 2021.
