Spanish Property Prices Increase at Double the Eurozone Average

Spanish Property Prices Increase at Double the Eurozone Average

Spanish property for sale gives investors a whole lot for their money and the Spanish market as a whole is becoming more stable and attractive each day.

Regardless of Brexit the future is bright the future is Spain

Now the latest data from EU statistics agency Eurostat has shown that property prices across all of the Eurozone have increased on average by around 3% in the last 12 months. Spanish property prices, however, have risen by over double that.

The data from Eurostat shows that the average value of Spanish homes has increased by 6.3% in the year up to the end of the first quarter of 2016. This increase is higher than the increase in almost every other country in the Eurozone.

The Eurostat data would also confirm that property prices have increased now for 8 quarters in a row, with this latest spike of 6.3% being the sharpest rise since the third quarter of 2007. It’s also the biggest average property price increase since 2008 for the entirety of the Eurozone.

The price of property in Spain is still around 32% less than it was during 2008 according to the data. So even though property prices are on the rise, and have been for two years, asking prices are still much lower than they were at the peak of eight years ago.

Many experts are happy with how things look which would suggest that the market is going to slowly correct itself and return to its once former glory through both foreign and domestic demand, banks being sensible about lending, and support from the recovering Spanish economy.

Staying in Eurozone it was Austria who saw the largest increase in property prices in the same amount of time. Property in Austria rose by an average of 13.4% while prices were down 1.2% in Italy and Cyprus.