Andalucia’s most affordable property market

Is it possible to buy a home in Andalucia for less than €60,000?

On Thursday, April 11, the General Council of Notaries unveiled new data about the real estate market in 2024.

Statistics show that February 2024 witnessed a 10.3 per cent rise in home sales year-over-year, reaching a total of 53,142 properties sold.

The average price per square metre increased by 3.5 per cent from the previous year, now standing at €1,649. This upward trend coincides with a notable 12 per cent rise in overall property transactions, adding up to 41,474 units. Notably, single-family homes also saw a growth of 4.5 per cent, totalling 11,668 sales.

Regional trends

Cantabria, La Rioja, Murcia, and Castilla y Leon showed the highest increases, with growth rates ranging from 21.4 per cent to 23.7 per cent.

In contrast, the Canary Islands, the Balearic Islands, and Castilla-La Mancha experienced declines of 7.5 per cent, 5.2 per cent, and 2.5 per cent, respectively.

Spotlight on Peñarroya-Pueblonuevo

In Spain, where there are over 8,000 towns, some are suffering from a significant population decline, where housing tends to be more affordable.

The real estate website Idealista has identified the five cheapest towns to buy a house in Spain in 2024, including one in Andalucia.

Peñarroya-Pueblonuevo, a town in Cordoba with a population of 10,317, boasts the most affordable housing in Andalucia.

Known for its rich mining heritage and significant architectural landmarks, this town offers properties such as a semi-detached house for €38,000, featuring 160 square metres, four bedrooms, and two terraces, air conditioning but lacks central heating.

Another property on Gran Capitan street presents a larger space of 220 square metres with three bedrooms and additional amenities, including a roof terrace. The local market also features a range of apartments under €100,000, with some priced below €50,000.

Property prices in Cordoba

In March 2024, Cordoba province reported an average price of €1,244 per square metre, reflecting modest monthly and quarterly growths of 0.4 per cent and 0.1 per cent, respectively, and an annual increase of 3.0 per cent.

Peñarroya-Pueblonuevo, however, saw a significant drop in property values, with a current average of €382 per square metre, a decrease of 38.4 per cent from its peak in June 2012.

Andalucian provinces comparison

The average property price across Andalucia hit a record high in March 2024 at €2,109 per square metre. This represents significant growth from the previous year, marking an annual increase of 7.1 per cent.

Other provinces like Jaen, Almeria, and Huelva also showed stable to modest increases, while Malaga topped the charts with an average of €3,143 per square metre.