The economic consequences of the coronavirus pandemic appear not to have affected the housing market for sale in a general way. While prices have skyrocketed worldwide, the average price of housing in Spain has remained practically stable in the last year, without reaching worrying levels.
But not everywhere the recovery of prices in the market has evolved in a similar way. If a few days ago we published the most expensive neighborhoods and those that have risen the most after the worst of the crisis, now from idealista, the main real estate marketplace in southern Europe, we are analyzing which are the neighborhoods in which the expectations of the owners are the most have fallen in the last two years. To prepare the study, the average price registered in September 2019 has been compared again with the latest updated data from the idealista price report for September 2021.
The neighborhoods of provincial capitals as disparate in price as some of the most expensive cities in Spain, in the case of Barcelona, Bilbao or Palma, and others that are much more affordable, such as Almería, Castellón and Cuenca, concentrate the greatest falls in the comparison of pre-pandemic-post-pandemic values. In fact, seven of the areas where the price of housing for sale has fallen the most are in these capitals.
The first position is for the neighborhood of Auditorium area, in the eastern district of Castellón de la Plana, who has seen how their homes have fallen in price by 28.7% in these two years. they follow him the area of Reyes Católicos – Paseo de San Antonioin Cuenca with a decrease of 26.5%. From behind, complete the top 3, the Diagonal Mar neighborhood and the Poblenou Maritime Frontfrom the district of Sant Martí de Barcelonawhich is 22.4% below the prices seen in 2019.
Below is the first neighborhood outside a provincial capital in Pla d’En Boetin Mataró, which has left 21.5% of the value of the offers requested by the owners of the area last September. Next to it, is the area of San Crispín – Huerta Nueva – Elda Station (Alicante) in sixth place, with a devaluation of 19.9%, and closes the 10 biggest falls La Manga Club-Atamaría (-17, 9%), in the Mar de Cristal-Cabo de Palos area, in the Murcian municipality of Cartagena.
The classification is completed by the San Francisco neighborhood in Bilbao (-20.2%), two neighborhoods in Palma, Nou Llevant (-19.2%) and Arxiduc (-18.3%), together with the Ciudad Jardín- Tagarete (-18.4%) in the city of Almería.
The most affordable neighborhoods in Spain
If the provincial capitals monopolize the biggest falls, the large towns on the periphery are the ones that continue to concentrate some of the most affordable prices to buy a house. Of the localities analyzed, those with more than 50,000 inhabitants that have a division by districts, the area of Arrayanes-Belén in the municipality of Linares (Jaén) presents a price in September of 445 euros/m2. It is followed by El Baladre, in the Port of Sagunto (Valencia), with 448 euros/m2 and also below 500 euros/m2 is the area of Colonia Requena-Virgen del Carmen, in the Virgen del Remedio-Juan XXIII district of Alicante (493 euros/m2).
The remaining seven neighborhoods have prices below 600 euros/m2, with three areas in Elda (Alicante): Center (540 euros/m2); San Crispín – Huerta Nueva – Station (554 euros/m2) and Plaza de Toros – Avenida Chapí – Trinquete (584 euros/m2).
Along with them, there is equality in the prices they ask in the El Carmen-Cardeñas de Huelva district, and in Caranza in Ferrol, with 554 euros/m2. While the classification of the cheapest closes, the Antigua Moreria de Sagunto and the neighborhood of the Casería de Montijo del Polig.Cartuja – Barriada la Paz de Granada.
The neighborhoods that have fallen the most in the provincial capitals
Zooming in on the market situation in the provincial capitals, you can see price rises and falls depending on the analyzed area, and find expensive areas where their prices have been adjusted, while some of the cheapest neighborhoods have seen their expectations increase. owners who have put their house up for sale.
As we have seen before, the aforementioned neighborhoods of Castellón de la Plana, Cuenca, Barcelona, Bilbao, Palma or Almería are the ones that have coincided with the greatest falls in the study. Behind them, and still with double-digit falls, you can find neighborhoods of cities as prominent as the San Pascual neighborhood, in the Madrid district of Ciudad Lineal, which has yielded 15.6% compared to September 2019; the neighborhood of Benimaclet, in Valencia (-13.5%) or the neighborhood of San Pablo in Seville (-12.6%).
For its price, and for its name, it should be noted that the Miraconcha neighborhood of San Sebastianone of the most expensive in Spain with its 7,251 euros/m2, has been the area of Donosti that has seen its prices fall the most in the last two years, with a price drop of 6.2%.
Among the smallest falls are the decreases that barely reach 2% in the Bahía Blanca area of Cádiz (-1.8%), in Casco Antiguo – Downtown Badajoz (-1.7%) or the district of General Dávila in Santander (-1%). Only one city in Spain has not experienced falls in the prices of its houses between the post-pandemic-pre-pandemic period analysed. No district of Cáceres has registered falls in these two yearsbut if an almost zero growth in the southern district of the city of Extremadura of 0.3%.
The most affordable areas of each city
Another thing is to see the cheapest neighborhood in each of the provincial capitals, where you can see important contrasts such as the most affordable neighborhood San Sebastian is Altzawith its 2,638 euros/m2 of average price of the house for sale with the 493 euros/m2 of the area of Colonia Requena-Virgen del Carmen, in Alicante.
At around 2,000 euros/m2, the Betoño – Abetxuko district in Vitoria (2,009 euros/m2) can also be found as the most affordable in the city, and the area of La Paz – Segunda Aguada – Loreto de Cádiz (1,988 euro/m2).
Accompanying the Alicante neighbourhood, below 600 euros/m2 we can find those previously mentioned in the El Carmen-Cardeñas district in Huelva and Casería de Montijo in Granada.
Among the largest cities in Spain, the neighborhood of San Cristóbal of the district of Villaverde in Madrid It is the cheapest in the capital with its 1,356 euros/m2. In Barcelona, Ciutat Meridiana – Torre Baró – Vallbona in Nou Barris It is the most affordable in the Catalan capital with 1,759 euros/m2. In Valencia, La Fontsanta in the L’Olivereta district has fallen to 877 euros/m2.
To close the details of the study, it has coincided that one of the biggest rises experienced in the last two years, as we mentioned in the previous analysis with the rise of 41.4% of Golf Guadiana, in Badajoz, still maintains it as the cheapest district of the city of Extremadura with its 1,014 euros/m2.
Methodology
To carry out this study, idealista has used the sales prices published in September 2021 in its report and has compared them with those published in September 2019, to avoid affecting the data for seasonal reasons. All the data from the most segmented levels (neighborhoods) have been used and when the available sample has not made it possible, a higher level (district) has been used in those municipalities with more than 50,000 inhabitants and province capitals.
