In Spain, Marbella holds the title for being the non-capital city with the highest residential property prices, reaching a steep average of 2,775 euros per square meter. Noteworthy spikes in real estate prices over the past year have been witnessed in Jerez de la Frontera (14.6%), Cádiz, San Cristóbal de La Laguna (12.9%), and Telde (10.3%).
These findings stem from a study by Idealista, which indicates that housing prices outside major cities have increased by 4.3%, lagging behind the national average by 2.90 percentage points (7.2%).
The analysis by the real estate platform covered 29 municipalities beyond provincial capitals, each with over 100,000 residents as of January 1, 2024.
For this research, Idealista utilised data from the Continuous Population Statistics (ECP) by the National Statistics Institute (INE) and its latest report on the prices of second-hand residential properties for sale. This comprehensive approach involved populations from 14 different provinces, where a considerable portion of Spain’s population resides.
Interestingly, Idealista identified non-capital cities that attract a noteworthy number of potential homebuyers, particularly in the metropolitan areas of major capitals like Madrid or Barcelona, as well as in autonomous urban centres such as Vigo, Gijón, Elche, or Cartagena.
Historical Price Peaks
The most substantial surge in housing prices over the past year has been observed in Jerez de la Frontera (14.6%), Cádiz, and two locations in the Canary Islands, San Cristóbal de la Laguna (12.9%) and Telde (10.3%).
While Marbella boasts the highest price ceiling, San Cristóbal de la Laguna stands out as well, achieving a remarkable 1,637 euros per square meter and setting a new milestone in price records.
Some of the notable price hikes are witnessed in cities where rates are still below 1,500 euros per square meter, such as Elche (1,286 euros), Jerez de la Frontera (1,382 euros), or Telde (1,435 euros).
It is worth mentioning that certain large municipalities have a higher population than their respective provincial capitals, adding to the unique landscape of these cities. Additionally, most of these urban areas feature prominently in Idealista’s ranking of cities with the highest “relative demand” in the real estate market.
