Spain’s Most Expensive Streets for Home Buyers
Spain’s most expensive streets to purchase a house are Calle Serrano in Madrid, Paseo de Gracia in Barcelona, and the main streets in the centre of San Sebastian, such as Avenida de la Libertad, Calle Hernani or Plaza de Guipúzcoa. These findings are based on a report by Tecnitasa, which also revealed that the average increase in house prices in the main cities was 3.5% in 2022. The report also highlighted significant price increases in prime location areas of Palencia, Cuenca, Segovia or Palma.
Price Increases in Major Spanish Cities
The report by Tecnitasa revealed that house prices in major Spanish cities continue to rise, with an average increase of 3.5%. The most expensive street, Calle Serrano in Madrid, saw a slight increase of 1.33% compared to 2021, reaching €11,400/m2. Paseo de Gracia in Barcelona followed closely, nearing €10,000/m2 after a 3.5% rise in the last year.
San Sebastian: The Third Most Expensive City
San Sebastian ranks third among Spanish cities with the most expensive streets to buy a home. Streets such as Avenida de la Libertad, Plaza de Guipúzcoa and Calle Hernani, all located in the Romantic area of the Centro-Miraconcha neighbourhood, are priced at €8,040/m2, marking a 3.75% increase from the previous year.
Real Estate Sector Resilience Amidst Economic Challenges
Despite challenging economic conditions, the real estate sector has demonstrated resilience. Fernando García Marcos, the technical director of Tecnitasa, noted that the average increase in house prices in the most expensive areas was around 3.5%, which is less than the consumer price index (CPI) increase. This contrasts with rent prices, which have risen more than the CPI for December.
Other Expensive Streets in Spain
Other expensive streets in Spain include Abandoibarra – Plaza de Euskadi in Bilbao, where prices have risen by 7% to €5,780/m2; and Centro – Malagueta in Malaga, where prices have remained stable at €5,500/m2. In Valencia, Paseo de Ciudadela and the streets Navarro Reverter and Colón have seen a 9.5% increase to €5,250/m2. These prices are similar to Paseo Marítimo in Cadiz, which has increased by 4% year-on-year to €5,200/m2.
Top 10 Most Expensive Streets in Spain
The top 10 most expensive streets in Spain also include El Sardinero in Santander, the beachfront streets of Puerto Banus in Marbella, and Paseo Marítimo in Palma. The latter has seen the most significant increase in the top ten, with a 10% rise, just outside the €5,000/m2 mark.
Significant Price Increases in Palencia, Cuenca, Segovia
Significant price increases have been recorded in other streets such as Calle Mayor Principal and Menéndez Pelayo in Palencia, with a 37% increase to €3,700/m2. Other notable increases include Avenida Pais Valencia and Parc Central de Torrent in Valencia, with an 18.3% increase to €2,000/m2, and a 16.5% increase in the Centro de Reus area in Tarragona to €2,150/m2.
Stable Prices in Other Cities
In 12 other cities, prices remained stable on the beachfront of Paseo de Las Canteras in Las Palmas de Gran Canaria, Paseo Sarasate/Primer Ensanche in Pamplona, and Gran Vía and Platería in Murcia.
Price Drops in Some Locations
Some locations saw a decrease in prices in the city’s most expensive streets over the last year. The biggest price drops were recorded in the area around Plaza Europa in Hospitalet de Llobregat, Calle Uría and its surrounding area in Oviedo, and the Puerta Real area in Granada, along with Avenidas Tres Cruces and Avenida de Portugal, and San Andrés in Zamora.
