The real estate market in Spain is experiencing a significant aging process, as revealed by a recent report from the property portal pisos.com. This analysis shows that about 23% of properties currently for sale in the country are more than 50 years old, thus forming a significant portion of the market. Homes between 30 and 50 years old account for 19% of the total, followed by those between 20 and 30 years which comprise 17%.
In stark contrast, only 15% of properties for sale are new, with less than five years of age, while homes between 5 and 10 years represent just 9% of the market, making it the least represented segment.
The report highlights that the most recent properties, aged under five years, are the most valued, reaching an average price of 364,556 euros for a 90 square meter home. This is followed by homes between 5 and 10 years, with an approximate cost of 309,696 euros. For older properties, prices drop significantly, with an average of 200,978 euros for those 10 to 20 years old, and 205,397 euros for those surpassing the half-century mark.
Ferran Font, Director of Studies at pisos.com, explains that these price differences are not only due to the state of conservation of the properties but also factors such as location and energy efficiency. Newer homes are often found in expanding areas that offer better services and amenities, while older ones are frequently located in historic cores that require significant investments for rehabilitation.
There are notable differences between autonomous communities. Regarding the offer of recent homes, Murcia leads with 22% of its properties for sale being less than five years old, followed by the Valencian Community and the Balearic Islands. On the other hand, La Rioja has the lowest percentage of new homes, with only 7%.
In terms of properties over 50 years old, the Basque Country leads with 38%, surpassing other regions such as Asturias and Aragon, both with 35%. Murcia and the Canary Islands have only 16% of homes in this segment.
The analysis of prices according to the age of homes also shows significant variations. In the Balearic Islands, homes between 5 and 10 years old are the most expensive in the country for this group, with an average price of 690,850 euros. In Madrid, a property over 50 years old has an approximate cost of 559,656 euros, placing it among the most expensive. In contrast, Castilla-La Mancha and Extremadura have considerably lower prices.
Font concludes that the aging of the housing stock in Spain indicates a lack of sustained construction and underscores the importance of energy rehabilitation. He argues that administrations should apply incentives for the renovation of old homes and promote the construction of new affordable properties to rejuvenate a market that is increasingly showing signs of aging.