Prices in the Basque market have risen in the last year, although more moderately than in Spain as a whole: 5.2% compared to 8.5%, according to data for the third quarter for new and used housing. The Basque Country remains among the communities with the most contained increases, only above Extremadura, Murcia and the Canary Islands. Despite this, the value per square meter is the third highest in the national ranking and reaches 2,315 euros.
The three Basque capitals show more significant increases, with Vitoria at the head (8.4%), as it is the one with the most upward movement due to starting from lower prices (2,244 euros per square meter). In San Sebastián they increased by 7.3% and reached 3,959 euros, once again leading the Spanish rating; and in Bilbao it is 5.6%, up to 2,643 euros.
“The Basque market is less sensitive to the ups and downs of the economy than that of other areas, since until now it has been very local; although it is arousing more and more interest among foreigners,” says an expert.
In Bilbao, the largest increases occur in new housing, since there is very little land. And what’s more, it’s very expensive. As an example, last summer a plot was auctioned in the Zorrozaurre macro-project, next to the estuary, which was awarded for 2,000 euros per square meter, a price that will undoubtedly skyrocket that of the house once built.
The Biscayan capital follows in the footsteps of San Sebastián with the lack of land, a problem that is now added to the high prices of materials to accelerate the cost of new housing, which is rising at a rate of 10%.
On the other hand, the used one -which in the center starts from very high levels- advances moderately: 2.2%. Thus, the prime neighborhoods of Indautxu and Abando rose by 3.9% and 0.3%, respectively. The demand interested in these districts moves to other adjoining districts with more contained prices, such as Basurto and Begoña.
