House prices in the Madrid and Barcelona are relatively cheap compared to a selection of other leading European cities, reveals a study by the international estate agency Coldwell Banker.

The price per square metre (€/sqm) for new builds, luxury homes and resale properties in Spain’s two largest cities is well below that of cities such as Monaco, Paris, London, Milan or Rome, according to the study. However, when it comes to luxury and new properties, Madrid and Barcelona are still more expensive than Berlin, despite big price falls in recent years.

At the top of the European ranking in the Coldwell Banker Spain survey comparing the price of new builds in the centre of each city is Monaco, where prices reach €80,000sqm. The next most expensive European cities in the survey are London (€11,500sqm), Milan (€10,500sqm), Paris (€10,000sqm) and Rome (€8,500sqm).

It’s quite a drop from Rome to Madrid (€5,600sqm) and Barcelona (€5,500sqm), after which comes Berlin (€4,800sqm), Malta (€3,650sqm) and Prague (€2,770sqm).

In the resale property category Monaco is first again with an average of €35,000sqm, while the two Spanish cities are much cheaper, with Madrid at €4,200sqm and Barcelona at €4,100sqm, which is almost three times cheaper than London.