Torrejón de Ardoz records the highest year-on-year increase in housing among the analysed municipalities in Madrid, with a 30%. The Community of Madrid stands at €3,693 per square metre.
According to La Razón, housing prices continue to rise in the Community of Madrid, even outside the capital. The latest IMIE Local Markets report from Tinsa, prepared with Accumin and corresponding to the third quarter of the year, examines 84 Spanish municipalities.
In the region, Torrejón de Ardoz leads the increases, with a year-on-year rise of 30% reaching €3,231 per square metre. It is followed by Coslada, with a 19.5%, and Majadahonda and Alcalá de Henares, with 18.6% and 18.5% respectively.
On average, the square metre in the Community of Madrid costs €3,693, which is 13.1% more than a year ago.
The report attributes the increase to the expulsion effect: the real estate pressure from large cities pushes buyers and renters towards nearby municipalities, where the higher demand also ends up driving up property prices.
Across Spain, 52 of the 84 municipalities analysed recorded increases of over 10%. Households allocate on average nearly 37% of their income to pay for housing, compared to the 35% recommended.
For residents of municipalities in the metropolitan area, the shift in demand reduces the price advantage that these locations previously offered compared to the capital.
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