Tuesday, 12 July 2016

Spanish Property Prices Up At Highest Rate In Over Eight Years

Spanish Property Prices Up At Highest Rate In Over Eight Years

Spanish property prices were up 6.3% leading up to March 2016. Spain may have experienced some frantic campaigning in the lead-up to the general election last week, but the political situation caused by the December general election seems to not have affected the revival of the property market.

This was further evidenced after the national statistics unit published data showing that not only is the market growing, but property prices are also up by 6.3% in the 12 months leading to the 31st of March 2016. This is the eighth year in a row that prices have risen following the six year year-by-year fall in prices since 2007.

It’s made better news because this rise is being seen in every Spanish region. 6.3% is only the nationwide average with some areas, such as Madrid, seeing higher rises. Madrid saw the highest rises of 9.7%, the Balearics saw a rise of 8.8%, Catalunya saw a rise of 8.6% and the Canaries saw a rise of 5.9%.

Prices were up 1.5% over the rise seen in the previous quarter. The regional variations were as varied as the regional variations in overall price rise. Prices in Madrid were up 2.9% over the last quarter with a rise of 2.1% in the Canaries, a rise of 1.5% in both the Balearics and Galicia. However there was a 0.2% drop in property prices in La Rioja and a 0.4% drop in Castilla-La Mancha.
One of the biggest rises was properties for sale in the Costa del Sol as it continues its recovery.