Property Values In Spain Rise 10.6% In 3 Years
29th August 2018
In the last twelve months prices of Spanish Property rose by 4.3% and if upward trends continue further rises are likely to follow.
The bottom of the market was in February 2015 and since then property prices in Spain have grown by 10.6%, according to latest data published by property valuation firm Tinsa, testament that confidence has undoubtedly returned to the market.
Valuations in July show that the sharpest increase in property prices was in the ‘regional capitals’ and ‘other large cities’ categories at 7.6%, followed by a 4.6% rise in ‘metropolitan areas’. Meanwhile, property prices in the ‘Balearic and Canary Islands’ grew 3.4% and by 2.1% in ‘Mediterranean coastal areas’. The only decrease, in the categories identified by Tinsa, was in the ‘other municipalities’ category which saw a minimal decline of 0.5%, the report shows.
Falling unemployment levels and a low Euribor have both contributed to a continued rise in the number of approved mortgages, granted building licences and property sales figures, according to Tinsa’s ‘market snapshot’ report; there was a 6.02% drop in unemployment levels in July and the Euribor ended the month close to its lowest ever level at -0.180%.
Market conditions are likely to remain good and sales activity will grow, this in turn will put upward pressure on property prices – if you are thinking of buying a property in Spain, now would be a good time to do it.
Published by David
