Coastal provinces and islands with the lowest house prices Spain Q2 2022
The other side of the coin: the most expensive coastal areas
Out of the four main islands that comprise the Balearic province, two are listed as the most expensive coastal areas of Spain. Ibiza and Formentera’s coasts ranked as the least affordable coasts in terms of property prices, with their average price per square meter amounting to nearly 4,000 euros. The Basque province of Gipuzkoa was the second most expensive coastal area.
Spain: the rebirth of a broken property market
After a long period of time in which Spain’s real estate prices increased sharply, the market was hit by the global financial crisis of 2007, making the Spanish property bubble collapse and damaging home value. It can be seen that real estate prices in Spain initiated a solid recovery in 2015, after the house price index fell to 96.27 index points in 2013. The property market has made great progress, but it is still far off the rest of its European counterparts, and it is positioned, in fact, at the bottom of the European list of the EMF’s house price index.