Andalucían property market continues to operate independently to rest of Spain

New figures show that the house price index fell across Spain in April but rose in Andalucía, Madrid and the Valencian community.

According to Spanish property portal Idealista, resales asking prices on a monthly basis were down by 0.8% to an average of 1,539€/m2. While overall sales are recovering and prices are stabilising across Spain, the figures once again reveal a property market that is not homogenous across the board or defined by one single trend.

National aggregate figures like these show a country still in recovery, while highlighting the regions that operate completely independently to the rest of the nation. Metropolitan cities such as Madrid and Barcelona as well regions that are popular amongst tourists and international buyers have local markets that are not only seeing a surge in demand, but also incremental month by month house price rises.

In Andalucía, sales to international buyers rose by 19.36% in 2015, total house sales went up by 4.48% and domestic mortgage approvals increased by 14.32% year on year. In Malaga, the average house price as of March 2016 is €154,786, up by 1.56% since the year before. Further, sales to international buyers in Malaga has risen by an amazing 41.08%. Home sales in Andalucía represented 20.5% of all property transactions in Spain involving a foreign buyer, further proof that the unique micro-climate, infrastructure and culture of the Costa del Sol continues to attract buyers from all across Europe and beyond.