The cost of housing continues to rise in Donostia-San Sebastian and reaches a historic record: EUR 5613 per square metre in the third quarter of 2024. This represents an increase of 1% over the previous quarter and an increase of 4.6% over the same period of the previous year. This is the highest figure recorded so far.

In the rest of Gipuzkoa prices have also risen, though not so much. Between July and September the average cost of the square meter rose 0.5% in the quarter and 2.2% in the year. It stands at 3496 euros, the highest price since 2010.

These data have been published in the quarterly report that the Official Association of Real Estate Agents of Gipuzkoa (COAPI) presented this Monday, together with those responsible for the investigation, Luis Fabra and Mikel Urkola.

Increases real estate activity

The transaction market has also experienced significant growth in Gipuzkoa: 1971 sales operations in the third quarter, 31.6% more than in the second quarter and 8.5% more than in the same period in the previous year. Of these, 1760 have been second-hand homes and 211 new ones.

There have been 489 operations in Donostia-San Sebastian, with an increase of 44.7% quarterly and an increase of 20.4% annually. According to experts, the recovery is partly motivated by both the fall in inflation and the fall in interest rates. In fact, the Euribor was 2.94% in September, compared with 3.65% in June.

Donostia-San Sebastián, the most expensive average rental

Also worth mentioning is the rental business in San Sebastian, with an average price higher than 1000 euros per month, specifically 1005.6 euros. The average of the Basque Autonomous Community (CAV) is 754.3 euros, according to the last report of the Basque Housing Observatory (OVV).

In total, the CAPV registered 82 344 rental contracts at the end of the second quarter, of which 49.8% are located in Bizkaia, 36.1% in Gipuzkoa and 14.1% in Álava.