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| 2018 is a perfect time to buy costa del sol property |
Statistics published by Spanish property valuation firm
Tinsa this week show the average home in Spain was worth around 3.6% more at
the end of January 2018 compared to January 2017.
With the increase of between 5-6% in 2017 – depending on the
metric – signs are strong that 2018 will be another positive year for Spanish
property.
The data from Tinsa highlighted not just the nationwide
average increase of 3.6% but also different regional variances. The data showed
that property prices were up over 5% in the larger cities and provincial
capitals of Spain during January, with an increase of around 4.1% across the
Balearic and Canary islands.
Average prices increased around 3% for most of the
Mediterranean coast, which is just below the national average. This is a
reflection of the fact that demand for coastal properties is generally at its
lowest in the winter months. Tinsa believes that home prices across the
Mediterranean will reach above the national average as the summer sets in.
An interesting note is that while the data from Tinsa
doesn’t reveal the average selling price of Spanish homes for January, it does
say that home values have reached the averages of June 2013, which was a time
when the market faced a number of price corrections.
Things were moving downwards back then while they are moving
upwards today, and substantially at that. Home sales are increasing by an
encouraging amount; 11-15% over the past few years. The average mortgage loan
amount is also steadily increasing.
