The coastal provinces where it is cheaper and more expensive to buy a home
By Mas Property
on Thu Aug 17 2023
The price of housing in the Spanish coastal area has decreased its price by 2.5% in the first half of the year , as indicated by the iAhorro experts, who have indicated, according to the report on sales carried out on the coasts of Spain, the places where it is cheaper to buy a house on the beach.
The high demand from buyers in some areas has caused the prices of these homes to resist going down, despite the rise in rates or high inflation. However, during the first half of the year a decrease has been noted , especially in some areas of Spain, where it is cheaper to buy a home on the beach.
The cheapest coastal provinces to buy a house
If you want to buy a second residence on the beach to spend your summer holidays there, it is important to know the places where it is cheaper , since there are sharp differences between the different areas of Spain.
The cheapest province to buy a house on the coast is Castellón , whose average price is 157,000 euros . In addition, in this province of the Valencian Community we see that the average price of housing has been reduced between April and June by 8.72% compared to the 172,000 euros registered during the first quarter of the year.
It is true that in the rest of the provinces of this community the price has risen , albeit slightly: 1.19% in Alicante (170,000 euros on average) and 1.78% in Valencia (229,000 euros).
After Castellón, Murcia has the lowest average home purchase price, with 160,000 euros . There, iAhorro users who bought a home during the second quarter of the year got them 6.43% cheaper than during the first, when that average price rose to 171,000 euros.
Median home price in coastal provinces
«If we talk about holiday demand, Murcia has a lot of competition on both sides , with the Valencian Community above and Andalusia below. This, together with the bad publicity that the region has received due to the state of the Mar Menor, has meant that, on all foreign buyers opt for other options», declares the director of Mortgages of the comparator and mortgage adviser.
The most expensive provinces to buy a home on the beach
Vizcaya is the province in which house prices increased the most, on average. Specifically, in this province the average home purchase price was 330,000 euros between the months of April and June , the highest of all the provinces with a coast, with an increase of 11.86% compared to the 295,000 euros registered. in the first trimester.
This is due, explains the spokesman for the mortgage comparator, to the fact that «the offer of housing for sale in the Basque Country is quite high, also in new construction, so the situation there has little or nothing to do with what we live in the rest of Spain. In addition, the standard of living of its inhabitants is also one of the highest, so they can afford, despite the rate hike, to buy expensive homes». So much so that, for example, in the province of Álava (inland) the average purchase price registered by iAhorro users during this second quarter of 2023 was the highest in Spain, with 349,000 euros .
For its part, in the Balearic Islands the average price of homes stands at 304,000 euros , which represents an increase of 10.14% compared to the 276,000 euros registered during the first quarter of the year. «Foreign influence on the islands is very evident, but it is not the main reason for the price increase. In the Balearic Islands what has the most influence is that the supply is much less than the demand because there is very little place to build and whoever wants to buy there Yes or yes, a house will have to adapt to that reality. Therefore, in times like the present, where demand increases, but supply remains the same, sellers take the opportunity to raise prices,» explains Colombelli.
The same average price that is registered in the Balearic Islands was paid by buyers in Barcelona, although there we do see a very evident decrease compared to the first months of 2023: of the 325,000 euros that users paid on average for homes in Barcelona iAhorro between January and March, now pay 304,000 euros , 6.46% less. The director of Mortgages of the mortgage comparator assures that «the case of Barcelona is completely different, since the high average price that we register in this province is highly influenced by how expensive homes are in the center, not only in the areas of People don’t come to Barcelona just looking for a holiday destination, but rather the vast majority look for great job opportunities there.»
This high price of housing in Barcelona means that, in general, the Catalan coast is among the most expensive in Spain. However, in Girona and Tarragona we find more affordable homes, with an average price of 231,000 euros and 219,000 euros, respectively.
Source: el Economista, August 2023.