Sixty-five per cent of the properties listed for sale on idealista in the fourth quarter of 2023 were under €150,000, according to a study published by idealista, southern Europe's leading real estate marketplace. Of these properties offered, three out of four (76%) were flats, while only the remaining 24% were villas or townhouses.
Furthermore, the vast majority of them are in good condition according to the sellers, with only 15% stating that they need renovation. Furthermore, as for the number of bedrooms offered, most (44%) have three bedrooms, followed by two-bedrooms (27%), four-bedrooms (17%), one-bedroom flats (9%) and studios (2%).
Alicante province has the highest concentration of properties for sale under €150,000: 9.4% of the total national supply is located. Next comes Valencia (7.1%), Murcia (6.2%), Barcelona (5.8%), Granada (4.5%), Madrid (3.8%), Almeria (3.6%), Seville (3.4%), Asturias (3.4%), Castellon (3.3%) and Tarragona (3.1%).
Alava and Soria, on the other hand, only account for 0.2% of the economic offer each, followed by Guipuzcoa (0.3%), Teruel (0.3%), the Balearic Islands (0.4%), and Segovia, Zamora, Cuenca and Navarra (0.5% each).
Heterogeneity in the Spanish real estate market means that the market share of homes priced below €150,000 varies greatly depending on the provinces analysed.
In the most dynamic markets, the number of homes below this price is negligible, as is the case in the Balearic Islands, where only 4% of the homes for sale were below this price. This is followed by the provinces of Malaga (10%), Alava (15%), Madrid (16%), Guipuzcoa (16%), Vizcaya (18%), Santa Cruz de Tenerife (20%), Barcelona and Girona (21% in both cases).
At the opposite end of the scale are the traditionally cheaper provinces, such as Ciudad Real (79% of the offer is below €150,000), Teruel (78%), Zamora (75%), Jaen (74%), Avila (73%), Cuenca (72%), Leon and Palencia (70% in both cases).
Only in Cuenca province is the percentage of low-cost houses or villas higher than that of flats, as only 43% of the advertised low-cost offer corresponds to flats. Teruel (54%), Toledo (54%) and Ourense (57%) have rates below 60%. At the other end of the scale are the Basque provinces of Guipuzcoa and Vizcaya, where 98% of properties under 150,000 euros are flats. They are followed by Madrid (94%), Barcelona (93%), Girona (89%) and Alava (87%).
Good condition is generalised among this housing supply, although there are also notable differences between provinces. The areas with the lowest percentage of affordable homes for renovation are Alicante (8%) and Murcia (9%), followed by Granada, Girona and Cadiz (10% in all three provinces). In Barcelona, 15% of the affordable offer is for renovation, while Madrid is 22%. Galicia concentrates three provinces with the highest offer for renovation: Ourense (31%), Pontevedra (29%) and Lugo (25%). The Balearic Islands follow with 24%.
Among the supply of properties under €150,000, three bedrooms are the most common in all provinces, except Vizcaya, Guipuzcoa and Santa Cruz de Tenerife, where they fall to two bedrooms.
Cordoba is the province with the highest proportion of three-bedroom properties, as 55% of the properties on offer under €150,000 have this number of bedrooms. It is followed by Seville (53%), Palencia (53%), Barcelona (52%), Valladolid (52%), Huelva (51%), Zamora (50%), Salamanca (50%) and Valencia (50%). In Madrid, the three-bedroom offer accounts for 46% of the total.
In almost all provinces, studios are the least common offer among properties under €150,000. In fact, in the provinces of Valladolid, Cuenca and Albacete studios are non-existent. In Barcelona, only 1% of the economic offer are studios, while Madrid is 4%. The Balearic Islands (12%), Malaga (11%) and Santa Cruz de Tenerife (10%) are the provinces with the highest proportion of studies.
Data compiled and analysed by idealist/data, idealista's proptech, which provides information for a professional audience to facilitate strategic decision-making in Spain, Italy and Portugal. It uses all the idealista database parameters in each country and other public and private data sources to offer valuation, investment, recruitment and market analysis services.
