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| The Spanish property market continues to grow |
The latest figures from the Spanish National Statistics
Institute (INE), published just last week, reveal how average property pricesin Spain during May rose 5.3% higher than during May of 2016.
The increase continues the near-two-year trend that prices
have risen year-on-year for over 20-months straight.
The latest INE data shows that price increases are actually
accelerating, with the average monthly increases topping between 2.5% and 3%.
The reason for the sharp increase is mostly down to the price increases seen in
Barcelona and Madrid; where prices have risen 8.8% and 10.6% over last year.
The two largest cities of Spain are benefiting brilliantly from the
strengthening Spanish economy, bringing in great investment into the privateand commercial real estate sectors.
There is more encouraging news as property prices across the
17 autonomous communities of Spain are all up, even though some of the rises –
such as those in Extremadura, Murcia, and Galicia aren’t very big.
First quarter data from before May also shows property
prices increased 2.3% over the previous quarter, marking the seventh quarterly
increase in a row and showing a sharp rise for the small amount of time it
happened in.
Property experts and analysts welcome the increases. Even
though Spanish property prices are around 40% lower than the peak of 2008, the
sustained increases showcase how the post-boom market has begun to reflect true
value, offering the banks, mortgage lenders, and homeowners the peace of mind
they need.
