Property prices in the North of Spain are running away from the national average.
According to a report by Kelisto.es the average purchase price of a property of 80m² is vastly different depending on where you are.
The Spanish average is 131,040 Euros but take a trip to San Sebastian and you will need 328,000 Euros, 150.37% more than average. In Barcelona the price is also more than 100% above the average with a price of 269,520 Euros. Still in the North, but slightly lower is Bilbao where you should expect to pay 84.19% above the Spanish average at 241,360 euros.
At the other end of the spectrum the lowest prices were recorded in Jaen and Lleida where an 80m² property will set you back 89,600 and 91,440 euros respectively.
The trend continues when looking at rental properties. The report says that to rent a property of 80m² comes with an average national cost of 561.60 euros per month. Move up to Barcelona and this price increases to 970.40, a massive 72.79% above average. In San Sebastian the rental cost is 940 euros, 67.38% above average.
The lowest rental costs are recorded in Lugo and Ourence where you will pay 332 and 351.2 euros respectively.
As I live down in Andalucía, I did my own calculations and came up with an average price to buy an apartment of 80m² of 201,169 Euros. To get this figure I took the prices of 100 random properties (of 80m²) that are currently for sale in the region. So Andalucía is, whilst not the cheapest, only slightly higher than Bilbao.
Again, I took 100 random properties that are currently available for long-term rental in Andalucía and came up with an average of 510.10 Euros per month. As with sales, it seems Andalucían rentals are below the average price.
Property prices are predicted to rise further throughout 2016 due to low interest rates and rising employment.