House prices in the Madrid and Barcelona are relatively cheap compared to a selection of other leading European cities, reveals a study by the international estate agency Coldwell Banker.
The price per square metre (€/sqm) for new builds, luxury homes and resale properties in Spain’s two largest cities is well below that of cities such as Monaco, Paris, London, Milan or Rome, according to a study by Coldwell Banker Spain, one of the leading estate agents based in Barcelona.
However, when it comes to luxury and new properties, Madrid and Barcelona are still more expensive than Berlin, despite big price falls in recent years.
NEW RESIDENTIAL PROPERTY PRICE RANKING
At the top of the European ranking in the Coldwell Banker Spain survey comparing the price of new builds in the centre of each city is Monaco, where prices reach €80,000 per square metre. The next most expensive European cities in the survey are London (11,500 €/sqm), Milan (10,500 €/sqm), Paris (10,000 €/sqm) and Rome (8,500 €/sqm).
It’s quite a drop from Rome to Madrid (5,600 €/sqm) and Barcelona (5,500 €/sqm), after which comes Berlin (4,800 €/sqm), Malta (3,650 €/sqm) and Prague ( 2,770 €/sqm).
LUXURY PROPERTY PRICE RANKING
Monaco also tops the European ranking for luxury property prices at 60,000 €/sqm, compared to 25,000 €/sqm in Paris, 18,000 €/sqm in London, 14,000 €/sqm in Milan, and 11,500 €/sqm in Rome, all according to the Coldwell Banker Spain study.
Turning to Spain, luxury property prices in Madrid are 9,000 €/sqm and 7,500 €/sqm in Barcelona, then comes Berlin (6,500 €/sqm), Malta (4,900 €/sqm) and Prague (4,750 €/sqm).
RESALE PROPERTY PRICE RANKING
In the resale property category Monaco is first again with an average of 35,000 €/sqm, followed by London (11,500 €/sqm), Paris (7,800 €/sqm), Rome (7,500 €/sqm), Milan (7,000 €/sqm), and Berlin (4,800 €/sqm). Then come the two Spanish cities, with Madrid at 4,200 €/sqm, and Barcelona at 4,100 €/sqm, before reaching the cheapest European cities Malta (3,650 €/sqm) and Prague (1,805 €/sqm).
Looking to the future, Coldwell Banker Spain expect house prices to rise in Spain’s two main cities, which might go some way to reducing the price differential with other European cities. “Price for Real Estate in central Madrid and Barcelona are starting slowly to recover,” François Carriere (pictured above) told Spanish Property Insight. “We still see shortage in new development especially in Barcelona which will lead to further increase in price very soon.”