House Hunt in Spain: Square Donuts for $750,000 in Andalusia

A cultural center in Andalusia’s autonomous Spanish community of around 240,000 inhabitants, the city of Granada may be best known for its historic architecture and monuments, but for Andalusians it is the capital of the province of Granada, which also serves as a center of employment and lifestyle.

Mario López Hiraldo, Granada-based real estate agent for Century 21 Avanza, said the city’s housing stock is mostly made up of apartments that average 40 to 50 years old. He said the supply of new homes in the city is limited and is expected to remain tight given the scarcity and cost of buildable land.

House prices are lower in Granada’s suburban ring with a mix of apartments and newer single-family homes. Mr. López Hiraldo said there is more room for new housing projects.

Average house price per square meter in the city Citing figures from Spain’s association of registrars, he said it currently stands at 1,586 euros ($170 per square metre). This reflects a backlash. Mr López Hiraldo said the pandemic-based predictions that buyers will leave cities in favor of rural properties are not valid in Granada. Instead, buyers sought homes with open space both in and around the city.

While people were afraid of face-to-face visits during the pandemic and quarantine period, we switched to virtual visits. “When things reopened, there was a lot of pent-up demand from people waiting and watching during the quarantine, which explains why there were so many sales afterwards.”

Housing prices in Spain increased by 2.4 percent compared to the first quarter of 2021. National Institute of Statistics — Biggest quarterly earnings since mid-2018. Granada did the same. According to Tinsa, a leading Spanish real estate appraiser, city home values ​​rose 4.7 percent in the first nine months of 2021 to 1,607 euros ($173) per square meter. Fall 2019 and 2020. (Mr López Hiraldo, however, said selling prices have fallen about 3 percent since January, signaling a calm after prices and demand surged in late 2020.)

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