Spanish Property Prices Increase 3.7% Across July
Valuation firm Tinsa recently published their latest nationwide price index for Spanish property, which showed the average property price is 3.7% higher in July of this year compared to July of last year.
While an increase in monthly pricing data has become somewhat a norm for Spanish property in the past few years, the data from July showed that the increase in property prices is beginning to be felt outside of the traditionally high-priced areas of Barcelona, Madrid, the Mediterranean, and the islands. It’s starting to spread into the rural areas that would usually be immune to noticeable fluctuations in prices.
Tinsa discovered that, for July, the regions that are typically referred to as the “other municipalities” showed an increase in average prices of 0.8%, which is the first noticeable increase in prices for around a decade.
While the increase might not be as impressive as the 4%+ increases seen along the Mediterranean, it’s still encouraging as it shows how the far the economic recovery is reaching; how it is benefiting even more people and regions.
Tinsa extrapolated from the entire first seven months of 2017, with their data showing that home values in the Costa Del Sol were an average of 5% higher in July of 2017 than they were during July of 2016.
On the nationwide level, the average selling price of Spanish property is the same as back in December 2003, and it is likely to match the price increases from the years that followed back then. This time, however, the experts are confident that there won’t be the same bubble – and indeed burst and deflation – that was seen a decade ago.