When I first came to Spain, I often heard that property here was dirt cheap. Compared to major cities back home, it seemed like an absolute dream. But once I actually started house hunting and preparing to buy, I realized things aren’t that simple. Today, I want to start this post to share my honest view on Spanish property prices: are they really cheap or expensive?
To be fair, there are definitely cheap areas. If you’re not set on prime locations in central Madrid or Barcelona, or those popular affluent neighborhoods, prices can be much more affordable. For example, in second-tier cities like Valencia, Seville, or Málaga, you can get a very nice apartment for a few hundred thousand euros. It’s even possible to find a detached house in some southern towns for a little over one hundred thousand euros. The table below shows some approximate average prices per square meter I noted down during my recent viewings, to give you a clearer idea:
| City/Region | Average Price/m² (€) |
|---|
| Madrid | 7,000 - 9,000+ |
| Barcelona | 5,500 - 7,500 |
| Valencia | 2,500 - 4,000 |
| Costa del Sol | 2,000 - 3,500 |
However, when it comes to the highly sought-after cities of Madrid and Barcelona, it’s a completely different story. Prices in good locations are skyrocketing, especially for well-renovated older apartments on good floors with elevators—their prices are shockingly firm. The price increase in recent years feels significant too. If you want to buy a place you’re truly happy with in a central area, you don’t have many options without a budget of at least seven or eight hundred thousand, or even over a million euros. I once looked at an apartment in downtown Madrid, about 90 square meters, that looked quite ordinary, and they were asking for over €600,000. My heart sank at that moment.
Furthermore, you can’t just look at the purchase price; ownership costs are also a significant expense. The annual property tax (IBI), community fees, and various maintenance costs add up. Community fees, in particular, can be substantial. If the residential complex has good facilities like a swimming pool, a gym, or a 24-hour doorman, the monthly fee can easily be €100-€200 or more. These are all real expenses to consider when looking for affordable properties in Spain. Some older houses might seem like great low-cost Spanish properties upfront, but subsequent renovation and maintenance costs can turn into a bottomless pit, which is something to be very careful about.
I think it’s a bit one-sided to simply label Spanish property prices as ‘cheap’ or ‘expensive’. It’s more of a polarized market: in smaller cities and the countryside, you can find options with excellent value for money and enjoy a relaxed Mediterranean lifestyle; but in the core areas of the two major cities, it’s a true ‘major European metropolis,’ with prices on par with London or Paris, which is still a huge financial pressure for the average working person. So, it all comes down to your budget, your needs, and your choice of lifestyle. What does everyone else think? Feel free to discuss in the comments below!
