The price of new housing increases throughout the North of Spain during the first semester
The Appraisal Society publishes the New Housing Study in Galicia, Asturias, Cantabria, the Basque Country and Navarra
The weighted average price of new housing in the capital cities throughout the North of the country has been € 2,754 / m 2 in the Basque Country, € 1,908 / m 2 in Navarra, € 1,888 / m 2 in Cantabria, € 1,628 / m 2 in Galicia and € 1,595 / m 2 in Asturias, according to the results of the New Housing Study in Galicia, Asturias, Cantabria, the Basque Country and Navarra, prepared by the Valuation Society .
These figures represent a growth of 2.3%, 0.9%, 2.6%, 1.6% and 0.4% respectively, if we compare it with the same figures a year ago, in July 2019. These variations go to 0.7%, 0.2%, 0.8%, 0.8% and 0.3% respectively, if we compare only the last six months of the year.
At the national level, new housing stood at € 2,472 / m 2 in Spain, with an interannual rise of 3% that has moderated during the first semester to 0.8%.
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Prices in capitals
The province capitals with the highest average price in the Northern strip of Spain are all in the Basque Country with San Sebastián (€ 3,636 / m 2 ), Bilbao (€ 2,675 / m 2 ) and Vitoria-Gasteiz (€ 2,200 / m 2 ). For their part, the capital cities with the lowest average price are Pontevedra (€ 1,347 / m 2 ), Lugo (€ 1,455 / m 2 ) and Ourense (€ 1,568 / m 2 ), closely followed by Oviedo (€ 1,595 / m 2 ) with an interannual increase of 1.7%, 1.3%, 1.2% and 0.4% respectively, and a growth in the last six months of 0.5%, 0.6%, 0.4 % and 0.3% respectively.
The most significant annual price variations have occurred in Cantabria (2.6%), the autonomous community with the capital that has seen the greatest increase in the northern strip of Spain, and the Basque Country (2.3%). From a semi-annual point of view, the greatest increase has been experienced by A Coruña, with a 1% growth in the average price per square meter, followed by Santander and Bilbao with 0.8% plus both.
Prices resist COVID-19, but moderate its growth
These data reveal that the price of new homes has so far withstood the impact of the COVID-19 health crisis in Northern Spain. However, as has happened in the country as a whole, its growth rate has softened during the last semester, coinciding with the pandemic shock and the approval of the state of alarm.
Basque Country, the autonomous community with the highest prices in Northern Spain
The Basque Country as a whole has an average of € 2,754 / m 2 and a year-on-year growth of 2.3% and half-yearly growth of 0.7%. If we focus on the capitals of Euskadi, we find that the provincial capitals with the highest average price in the entire northern strip of Spain with San Sebastián (€ 3,636 / m 2 ), Bilbao (€ 2,675 / m 2 ) and Vitoria- Gasteiz (€ 2,200 / m 2 ).
Excluding the capitals, Getxo is the municipality with the highest average price in the entire Basque Country with an average of € 2,595 / m 2 , followed by Irún (€ 2,528 / m 2 ) and Santurtzi (€ 2,364 / m 2 ) . At the other extreme are Erandio (€ 1,930 / m 2 ), Basauri (€ 2,076 / m 2 ) and Mondragón (€ 2,100 / m 2 ), as those municipalities in Euskadi with the lowest price.
Navarra, the second most expensive community
Within the Navarra community, the capital has an average price at the end of June 2020 of € 1,908 / m 2 , which represents an interannual increase of 0.9% and a semi-annual increase of 0.2%. Outside the capital, Tudela stands out as the next municipality with an average price of € 1,465 / m 2 . This last municipality has increased by 1.7% compared to the previous year.
Santander, the city with the highest year-on-year increase
In Cantabria, the capital has an average price of € 1,888 / m 2 , which represents an interannual increase of 2.6% and a semi-annual increase of 0.8%. Outside Santander, Laredo has maintained the prices of 2019 and continues to be above Santander with € 2,285 / m 2 . Castro Urdiales would be the next municipality, excluding the capital, with the highest price in the autonomous community (€ 1,821 / m 2 ), with Torrelavega in third place (€ 1,624 / m 2 ).
Galicia registers the highest price increase in the last semester
Galicia as a whole has an average of € 1,628 / m 2 and a year-on-year growth of 1.6% and half-yearly growth of 0.8%, the highest in the entire North strip. For its part, Santiago de Compostela (€ 1,577 / m 2 ) has increased the average price by 2.7% per year and 1.2% every six months.
If we focus on the Galician capitals, we find that A Coruña (€ 1,818 / m 2 ) and Ourense (€ 1,568 / m 2 ) lead the ranking ahead of Lugo (€ 1,455 / m 2 ) and Pontevedra (€ 1,347 / m 2 ), the latter being, in addition, the provincial capital with the lowest average price per square meter in the North of Spain.
If we do not take into account the provincial capitals, Vigo (€ 1,563 / m 2 ) is the municipality with the highest average price, followed by El Ferrol (€ 1,227 / m 2 ) and Viveiro (€ 1,125 / m 2 ). Monforte de Lemos (€ 786 / m 2 ), Barco de Valdeorras (€ 948 / m 2 ) and Ames (€ 1,093 / m 2 ), are the Galician municipalities with the lowest price.
Asturias, the lowest average price
Oviedo, the Asturian capital, has an average price of € 1,595 / m 2 , which represents an interannual increase of 0.4% and a half-yearly increase of 0.3%. Focusing on the municipalities, it is found that Ribadesella (€ 1,939 / m 2 ) and Gijón (€ 1,615 / m 2 ) have a higher price than the capital, while municipalities such as Langreo (€ 1,245 / m 2 ), Mieres (1,407 € / m 2 ) and Avilés (€ 1,456 / m 2 ), are below.
Real estate indicators in the northern strip of Spain
In the second quarter of 2020, the Real Estate Confidence Index prepared by the Appraisal Society stands at 44.8 points out of 100 in Asturias, 44.4 in Cantabria, 45.7 in Galicia, 44.7 in Navarra and 44.3 in Euskadi. This indicator has decreased 9.2, 5.9, 7.2, 8.8 and 11.3 points respectively since December 2019.
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Regarding the Real Estate Effort Index, which measures the number of years of full salary that an average citizen would need to allocate for the purchase of an average-type home, it stands at 5.2 years of full salary in Asturias, 6.4 in Cantabria, 6.7 in Galicia, 5.6 in Navarra and 6.9 in the Basque Country, all below the 7.3 years average at the national level.
The ability to access housing by a citizen with a medium income, considering not only the salary, but also their debt capacity places the Accessibility Index at 154 in Asturias, 127 in Cantabria, 123 in Galicia, 140 in Navarra and 114 in the Basque Country, taking the value 100 as the appropriate index, which means that in these autonomous communities it is necessary to make a lesser financial effort than is considered the maximum adequate to be able to access a ho
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