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| Even Breix hasn't stopping the continual rise of prices |
Average house costs in Spain have risen by around 2% over
the past 12 months leading to June 30th, according to Ministry of
Development data.
The figures from the Ministry show that the average price
for a square metre of property is €1,506. This is the first time that figure
has risen past €1,500 per-square-metre since 2013. The data also confirms that
this quarter is the fifth in a row where the property prices were higher over
the previous year, a complete turnaround on the six-year trend that saw the
opposite be true.
To put it simply Spanish property prices have stopped
declining, have stabilised, and have even begun increasing. There are some
regions where property prices have been rising for a little longer, such as the
ever-popular Costa del Sol, while other regions, particularly the inland
regions that rarely see tourists or investors, have struggled to catch up.
Nowadays it looks like even that trend has stopped. The
economic recovery of Spain may be slow but it’s steady and tangible. This year
there were more jobs and a greater level of employment security than over a
decade in Spain. This, when coupled with the confidence in the banking sector,
has led to a market that is great for investment; which leads to property
prices increasing.
Unfortunately not everyone is enjoying higher property
prices. The trend is bucked in some regions including Navarra, Aragón and the
Basque Country, where property prices are still declining.
It’s also worth noting that, while property prices are rising, they are still below the peak of 2008. Back then a square metre of
property was worth around €2,101. These days house prices are around 28% less
but they are at least above the lowest point of €1,456 per square metre seen in
the third quarter of 2014.
