Property Prices up In Over 30 Spanish Provinces

Property Prices up In Over 30 Spanish Provinces

Even after Brexit the Costa del Sol will always be in demand

The demand for Spanish property from both domestic and foreign buyers is on the up, with house prices rising with it for more than 30 of the 50 Spanish provinces.

This price increase has been seen and enjoyed mostly in the Costa del Sol but it’s taken a little longer for the rest of the country to catch up.

It’s only natural that the Costa del Sol would see all of the attention as it is the healthiest holiday and property market in the country. The rest of the country catches up to Costa del Sol eventually and now it looks like it has. Property valuation firm Tinsa released new data showing that average property prices are on the up for over half of the country.

Spanish provinces are a little smaller than the Autonomous Regions such as Catalonia and Andalucía and so they offer a better insight into how things are. The province of Málaga for example covers the Costa del Sol so it’s seen the best recovery figures. Even so the smaller provinces are beginning to report increases of their own.

The data from Tinsa shows that Spanish property prices have risen an average of 0.8% in the past 12 months, with higher increases of up to 6% seen in regions around Marbella. When broken down the Tinsa data shows that 30 of the 50 Spanish provinces have reported a rise in average house prices since the second quarter of 2015.

The sharpest rise came out of La Rioja, one of the hardest hit y the post-boom slump. The rises are evidence that the region is slowly recovering. La Rioja is one of the places along the Mediterranean coast so it was only natural the region would recover eventually. Every province along the coastline except for Murcia saw prices increase year-over-year.

The data also showed that the price recovery has stretched and is now reaching the more domestically-driven markets away from the more popular regions like Madrid, Barcelona, Málaga and the Canaries. Places like Extremadura, Castilla La-Mancha and Castilla y León are reporting their own property price increases.

The data from Tinsa is extrapolated over the entire past 12-month period. So the data builds on the recent data out of the EU showing that property prices in spain were up over 4% in the previous quarter.