Spain's most expensive places to live as British expats issued brutal warning
Prospective British expats should be aware of the most expensive places to buy a home in Spain, as revealed in a new study.
British expats are being warned about moving to these areas in Spain as house prices - both new and existing - have shot up 20% in the past five years.
Since 2019, only the Balearics have seen faster price rises than Andalucia, according to a report by BBVA Research.
The Canary Islands has seen the sharpest price rise, with houses being 16.4% more expensive than a year ago, according to the latest report from idealista.
It is followed by the Balearic Islands (11.9%), the Valencian Community (11.5%), the Community of Madrid (11.5%), the Region of Murcia (8.8%), Andalucia (8.7%).
By province, forty-five have higher prices than a year ago, led once again by Santa Cruz de Tenerife, where seller expectations rose by 18.6%.
Second comes Las Palmas (13.5%), then Malaga (12.2%), the Balearic Islands (11.9%), the Community of Madrid (11.5%), and Alicante (11.3%).
By cities, the most significant rises were in Malaga, Alicante, Soria, Valencia, Santander and Madrid.
Melilla witnessed the smallest increase, followed by Pamplona, Palencia, Vitoria and Pontevedra.
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Across Spain, house prices increased by 3.9% in 2023 and 4.3% in the first quarter of 2024, with predictions suggesting a 5% rise in 2024 and 4.7% in 2025.
Rising rents and house prices are at the centre of the issue as foreign nationals often buying holiday homes price out locals.
In Barcelona, rents have increased by 68% over the past decade, according to the city’s mayor Jaume Collboni – a pattern that is mirrored across other European cities.
