Buyers market as house prices fall

Now could be the best time to buy a house in Almeria. Credit: Trevor Huxham

A home in the capital is worth €54,000 less than it was fifteen years ago.

The average price of an 80sqm house in 2009 was €176,000 but in 2024 it would be valued at €122,000, according to the report carried out by Fotocasa.

From these figures we can surmise that either at that time of the real estate boom, prices in Almería were more inflated than the national average, or that demand has not been high enough for prices to become closer to the rest of the Spanish capitals.

Prices hit rock bottom in Almería when in 2019, the same 80sqm home cost €101,000, that is, €75,000 euros less than in 2009.

Unoccupied houses in the region.

Almería also continues to be one of the Spanish provinces with the highest percentage of unoccupied houses, this could be explained by the fact that many of these houses are second homes or mere speculative investments.

Unlike in Almería, the cumulative price of housing for sale has risen in Andalusia by 39% in the last 10 years, 26% in the last 5 years and 9% in the last year.

In recent years, the increase in prices has been very significant because of the existing imbalance between supply and demand, which is becoming increasingly larger.

But having all that, there is speculation that prices will start to rise, and catch up with the rest of Andalusia, and there are many new developments under construction across the province which are hoping to cash in on this. As is always the case with the housing markets, it fluctuates considerably, but property, at the end of the day, is always a good investment and with the current low prices, now could be a great time to buy!

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Written by

Julian Phillips

Born in the UK, has lived in 9 countries, before finally coming to Spain in 2015. Currently living in Almeria and working out of the EWN office in Mojacar.