According to recent data published by the valuation firm Tinsa, Spanish property prices have risen by 0.8 per cent on a national level over the past 12 months. However, while prices have stabilised little by little across the country after the slump which began in 2007, revealing a property market that is well and truly on a path to recovery, there are still considerable differences in trends from region to region.
Residential property prices rose in 30 of Spain's 50 provinces between the second quarter of 2015 and the equivalent period this year. Spanish coastal zones continue to operate independently to the rest of Spain, and a separate Tinsa report identified the Costa del Sol, the Balearics, Alicante and the Canary Islands to be the main regions driving price spikes in Spain. Increases are prevalent in almost the entire Mediterranean coastline, with the exception of the Region of Murcia.
The Tinsa study analysed a total of 135 Spanish municipalities and in the first quarter of 2015, only 35 of those saw property prices rising. In the same quarter of 2016, a total of 71 of the 135 municipalities experienced a rise in house prices. In terms of provincial capitals, the most significant price rises were recorded in San Sebastián (10.2%), Cádiz (9.4%) and Bilbao (7.2%). The report also found that the average length of time needed to sell a Spanish property is now 10.5 months.
All in all, encouraging data that continues to reveal the Spanish property market as not only revitalised - but surging. Particularly along the Southern Spanish coastline due to a rise in demand from northern Europeans attracted to its unique micro-climate, and favourable market conditions.