According to a report by Spanish real estate appraisal company Tinsa, for the second quarter of 2024, the increase in the average value of new and second-hand housing in Spain stands at 0.5 percent quarterly, compared to the 0.1 percent recorded in the previous quarter.
In the report, Tinsa has revealed the list of main municipalities with a relevant residential market where property prices have increased the most.
The rise in prices for homes on or near the coast isn’t spread evenly throughout the country. In fact, most of the cities and towns in the top 10 spots are in the Valencia region and Andalusia.
Orihuela
The town of Orihuela in Valencia’s Costa Blanca region takes top spot, having seen its property prices rise by a huge 12.5 percent in the last year. The value of a property in Orihuela is €1,572 per square metre. This is 12 percent higher than in Alicante city and 23 percent more than the average for Alicante province. While the town itself isn’t on the coast, the municipality is. In fact, the Orihuela Costa has a total of 17km of coastline and boats over 300 days of sunshine, going someway to explain why it’s so popular.
Vélez-Málaga
Vélez-Málaga, an area which is filled with charming white villages, comes in second spot. Property prices here are €1,865 per square metre having spiked by 10.7 percent in the last year. Again, the town of Vélez-Málaga is located slightly inland, but it’s just a 15-minute drive to Torre del Mar and Caleta de Vélez right on the coast.
Marbella
Málaga province’s flashy resort town of Marbella really needs no introduction and is famed throughout Europe, loved for its swanky Puerto Banús Marina, happening clubs, luxury hotels and charming whitewashed Old Town. A perennial favourite for property buyers, it’s no surprise that Marbella comes in at number three on the list. Property prices here are €2,899 per square metre and they have increased by 10.6 percent year-on-year.
La Línea de la Concepción
La Línea de la Concepción is the border town right next to Gibraltar and is in fact where many people who work in Gibraltar live, due to its lower prices. Unfortunately, it may not stay that way for much longer as it comes in fourth place. Prices are €1,361 per metre squared and they have risen by 9.4 percent since this time last year.
San Fernando
San Fernando is located just across the Bay of Cádiz from the capital of the province. It comes in joint fifth place along with Gandía in Valencia with a 9.4 percent increase in property price in the last year. A home now costs an average of €1,536 per metre squared. The town is surrounded by nature and water, yet has plenty of facilities and historic attractions, which add to its charm.
Gandía
Also registering a 9.4 percent price increase, the town of Gandía sits on the Costa de Valencia, south of the capital of the same name. The town is popular for its five kilometres of beaches and lots of services. Properties are 9.4 percent more expensive than a year ago.
Chiclana de la Frontera
Close to San Fernando and near the Bay of Cádiz, Chiclana has been a favourite with foreign buyers for years. Prices here have increased by 9.2 percent within the last year. Its proximity to the Bay of Cádiz Natural Park, the historic city of Cádiz and the beaches of the Costa de la Luz, makes it a popular choice. Properties here now cost an average of €1,937 per metre squared.
Vigo
This north-western Galician city is one of three destinations in the top 10 list which aren’t in the Valencia Community or Andalusia. The gateway to the Atlantic Islands National Park and the Cíes Islands, Vigo is becoming a popular option for home buyers. Prices here have climbed up by 8.9 percent in the last year and on average a home here costs €1,787 per metre squared.
San Cristóbal de La Laguna
In ninth place on the list and the second place outside Valencia and Andalusia is San Cristóbal de La Laguna, located on the Canary Island of Tenerife. Properties here have gone up by a total of 8.9 percent year-on-year. Located in the north of the island near the capital of Santa Cruz de Tenerife, La Laguna municipality encompasses some of Tenerife’s northern beaches and dense laurel forests. Properties here cost €1,446 per metre squared.
Benidorm
In joint 10th place are famed beach resort of Benidorm, Torrelavega and Sagunto where prices has risen by 7.4 percent. High rise apartments, a cute old town, a lively nightlife and great beaches mean that it’s not just loved by holidaymakers, but foreign residents too, driving the prices up significantly. A property here now costs an average of €1,848 per metre squared.
Torrelavega
Torrelavega is situated in the region of Cantabria in the north of Spain, not far from the city of Santander. Properties here cost an average of €1,163 per metre squared. While it is slightly inland, it’s just a 20-minute drive to the beaches on the Cantabrian Sea.
Sagunto
Sagunto is the third town in joint 10th spot where prices also increased by 7.4 percent. Situated in the region of Valencia on the Costa de Azahar, property prices have risen a lot due to its close proximity to Valencia city.
READ ALSO: Which foreigners are most likely to have mortgages approved in Spain?
Member comments