Marbella, a non-capital city in Spain, takes the crown for having the highest property prices, reaching a staggering 86,400 Euros per square meter. Not far behind are the notable increases in housing prices seen in Jerez de la Frontera (14.6%), Cádiz, San Cristóbal de La Laguna (12.9%), and Telde (10.3%) over the past year.
These findings are part of a study by Idealista which reveals that property prices outside major cities have risen by 4.3%, which is 2.90 percentage points lower than the national average of 7.2%.
Idealista examined 29 municipalities that are not provincial capitals but had over 100,000 residents as of January 1, 2024.
By using the Continuous Population Statistics (ECP) from the National Statistics Institute (INE) and its latest housing price report, Idealista covered towns in 14 different provinces, where “a considerable portion of the Spanish population resides.”
The study identified towns outside capital cities that are attracting a “significant” number of potential homebuyers, particularly in metropolitan regions of major capitals like Madrid or Barcelona, as well as in independent urban areas such as Vigo, Gijón, Elche, or Cartagena.
Price Surge
Notable spikes in property prices in the past year were seen in Jerez de la Frontera (14.6%), Cádiz, and two Canary Islands, San Cristóbal de la Laguna (12.9%), and Telde (10.3%).
Apart from Marbella’s price peak, San Cristóbal de la Laguna has also set a milestone, reaching 1,637 Euros per square meter, marking a “historical series record”.
Some towns still have prices below 1,500 Euros per square meter, according to Idealista, like Elche (1,286 Euros), Jerez de la Frontera (1,382 Euros), or Telde (1,435 Euros).
Idealista points out the “peculiarity” that some of these populous towns have more residents than their respective provincial capitals. Moreover, most of these large cities feature prominently in Idealista’s list of areas with high “relative demand” in the real estate market.
