NEW-BUILD residential property rose in value in 2017 by more than any time in the last decade, according to the Surveyors' Society, with major cities such as Madrid and Barcelona seeing prices reach pre-financial crisis levels.
A typical 90-square-metre property in a provincial capital city, which is likely to be a three-bedroom apartment, would now cost an average of €200,400, having increased in value by around 5% this year – or €2,227 per square metre.
The Property Industry Trends 2017 report by the Surveyors' Society says Catalunya is the region with the highest prices, at €3,452 per square metre, followed by Madrid at €3,167 and the Basque Country at €2,596.
And the lowest prices in the country for new builds are in Extremadura, at €1,148 per square metre; Murcia, at €1,206 per square metre, and La Rioja, at €1,355.
Barcelona is the most expensive city now to buy a newly-constructed home, costing €3,865 per square metre, followed by San Sebastián in the Basque Country at €3,441 and Madrid at €3,167, whilst the cheapest cities to buy a new build in are Badajoz (€1,155), Cáceres (€1,138) and Ciudad Real in the dead centre of the mainland (€1,160).
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