Buying a flat in Bilbao: far from maximum prices

Buying a flat in Bilbao has become one of the best opportunities to buy a property in Spain. While the main real estate markets in the country are breaking record prices time and time again, as is the case of Madrid, Palma or Malaga in 2023; Bilbao maintains its distance with its historical maximum peak reached in 2011 at 3,591 euros per square metre. In the month of December it has registered an average offer price of 3,241 euros, 9.7% below that maximum, according to Idealista.

Nevertheless, the price trend is upward. Housing prices have risen by 2.3% compared to December 2022 and have been rising for 25 consecutive months, although with sustained variations that have not exceeded 5%. Bilbao is the fourth city in Biscay in terms of house prices, behind Getxo, Santurtzi and Leioa.

Bilbao leads the second-hand housing sales market in the Basque Country. Up to the third quarter of 2023, it registered 2,378 transactions, 1,200 more than Donostia-San Sebastian. However, over the past year, the purchase market has suffered in most Spanish capitals compared to 2022, which was particularly high in this type of transaction; in Bilbao, sales have fallen by 18% according to provisional data from the Ministry of Transport, Mobility and the Urban Agenda.

Living in the happiest city in Spain

Bilbao has been ranked as the happiest city in Spain according to the Happy City Index 2023, which analyses metropolises around the world taking into account factors such as education, inclusive policies, economy, mobility, environmental protection, access to greenways and innovation, among others. On a global scale, the Basque capital ranks 69th, well ahead of Madrid, Barcelona, León and Valencia, the only Spanish cities in the ranking.

Another advantage of buying a flat in Bilbao is that it has been declared a “15-minute city” according to the Deyde DataCentric map, which identifies that 100% of Bilbao residents can walk or cycle to all essential services. Specifically, 87% of the population is within a 15-minute walk of all the basic services analysed.

Buy a flat in Bilbao: Viviendas Homes

Homes by Gestilar launches its house flipping business to buy flats in Bilbao with three flats that present unique opportunities as they are delivered recently refurbished. They are located in central neighbourhoods such as Abando and Indautxu, unique areas for their good connections and commercial areas. Abando is the heart of Bilbao, blending historical elegance with urban modernity, making it the most exclusive area of the city in which to buy a home. The price is around 4,640 euros per square metre, 5.3% higher than a year ago. Indautxu is the avant-garde neighbourhood of the centre, located next to the estuary, with parks all around. It is the second most expensive district although housing for sale has fallen by almost 3% year-on-year, the average price is 4,429 euros. Both areas are some distance away from the maximum prices reached in 2020 and 2011, although Abando is less than half a point away from this value.