The price of housing on the coast has increased by 5.86% year-on-year in properties for sale, up to 251,927 euro on average, and 6% in vacation rentals, with an average of 796 euro per week, according to the data published by the portal piso.com.
The amortisation remains unchanged, with an average period of 32 years for the owner to amortise the purchase, as long as he enjoyed the apartment for about two weeks a year and rented it for eight weeks. For its part, rental profitability has gone from 2.52% in 2021 to 2.53% in 2022.
The director of Estudios de piso.com, Ferran Font, points out that the Spanish coast remains a “powerful magnet, both for national and foreign clients”. In addition, the return of tourism after the pandemic “is promoting vacation rentals.”
“The search for outdoor spaces is leading many buyers and tenants to look for a house near the sea, especially when telecommuting accompanies it,” adds Font.
HOUSING GETS MORE EXPENSIVE ON THE ISLANDS
The Balearic Islands registered the highest increases in the price of housing in coastal areas, with an interannual increase of 12.17%, up to 393,233 euro on average. After the Balearic Islands, the increases are in the Costa del Sol, with 11.92%, up to 313,921 euro, and the Canary Islands, with housing 11.01% more expensive than a year ago, at an average of 220,471 euro.
However, the most expensive prices are found on the Costa del Garraf, in Catalonia, where the price of housing stands at 507,283 euro, 5.02% more than in 2021, and on the Basque Coast, with an average of 419,932 euro per home, with a decrease of 2.93% compared to the 2021 data.
The Basque Coast is, together with the Costa Verde, in Asturias, the only areas where the price has fallen in relation to 2021. In the case of the Asturian coast, housing is 1.99% more affordable than a year, at 193,419 euro.
Regarding rentals, the Balearic Islands also led the increases, with 11.03% more, up to 1,893 euro of weekly rent. On the Costa del Sol, the rebound has been 10.76%, up to 916 euro of rent per week.
The weekly rent has been reduced on the Costa Verde, by 2.71%, to 574 euro, and on the Costa de Valencia, by 2.25%, to 694 euro, and on the Costa Vasca, by 1.4 % less, up to 845 euro for weekly rent.