Crisis or not, the most expensive street to live on in Spain is still Calle Serrano in Madrid, reveals the latest house price report from TecniTasa, a valuations company.
The average price of residential property on Calle Serrano, in the Salamanca district, is €10,900 per square metre, according to data collected by TecniTasa, up 4% compared to last year.
Spain’s next most expensive address is Barcelona’s Paseo de Gracia, at €8,450/sqm, down a fraction in the last year, at least according to TecniTasa.
At the other end of the scale, the cheapest place to buy property in all of Spain is in the Estadio de Castellón area of Castellón province, home to the Costa Azahar, where property now costs just €300/sqm, way below replacement building costs even if the land has zero value.
Though Spanish house prices have fallen almost across the board since boom turned to bust (the notable exception being Ibiza, where the top-end has gone up), prime property prices have held up better than other types. Whist Calle Serrano is back on the rise, Estadio de Castellón continues falling, down 71% in the last three years, say TecniTasa.
Overall, the TecniTasa report is gloomy. “Despite a slight shift towards stability,” the report reads, “the property market still shows big regional differences, and despite a few small rises, is still suffering from significant falls.”
As an example of this last case, the report cites Galicia where the most expensive properties in Pontevedra and Vigo have experienced prices drops of between 20 and 30 per cent over the last 12 months, say TecniTasa.
The Basque Country’s capital, Vitoria, is also still adjusting down hard, say TecniTasa. In the city centre, the square metre value is now around €3,000, €700 below 2013 values (almost 20% down).
But at least the overall downward trend appears to be losing velocity. According to the firm’s technical manager, Fernando García Marcos, “as a general rule, prices are still falling but we can confirm that this is a smaller fall than in previous years, and it looks like recovery or at the very least, stability. This means next year’s data could be very significant”.
Madrid Leads Residential Price Inequality
As far as the difference between the highest and lowest prices goes, Madrid is the Spanish city with the biggest divide, as high as €10,295/sqm on Calle Serrano, and as low as €605/sqm in the district of San Cristóbal de los Ángeles – a difference of €9,690/sqm. At the other end of the scale, Pontevedra is the city with the smallest price divide – just €700/sqm.