Spanish property prices have been rising at a steady rate recently and new stats by valuations firm Tinsa reinforce a continued period of sustainable growth.
Both new build and second-hand properties in Spain have increased in value inter annually for the last 10 consecutive quarters. The average price of a Spanish home is at € 1,349 per square metre in Q1 of 2019, the third consecutive monthly rise, with a year-on-year price appreciation of 4.9%.
While the major growth is still concentrated in and around Madrid and Catalu ñ a, p roperty prices across the nation have increased by 12.4% on average since bottoming out after the crisis. However, property in cities like Barcelona, Madrid, Malaga, Palma and San Sebastian have increased by 30% since the onset of the recovery period post-2007.
Notably, Tinsa’s most recent analysis urges a sense of sustainable growth, rather than a tendency towards a boom and bust cycle. Overall, prices on a national level are still 34.1% below the highest ever recorded in 2007, though some provinces and capitals with typically low valuation figures have also now posted strong quarterly gains, including growth stats above 10% in regional capitals such as Málaga, Zaragoza and Palma de Mallorca.
According to the report, Andalucía saw a 5.2% year-on-year residential property price rise in the first quarter of 2019, slightly above the national average overall. The average price per square metre in the southern region of Spain was recorded at € 1,235. This is significantly lead by the surge in interest in Malaga , home of the Costa del Sol , which registered an inter annual price increase of 10.6% at an average house price of € 1,635 per square metre — comparable only to house prices in say, Newton Le Willows in the North West of England, Buxton in the East Midlands or Carluke in Scotland (priced between £1,336-1,892 per square metre) and far below prices in Greater London, at £5,106 per square metre.
Regardless of the outcome of Brexit, British buyers can essentially take advantage of investing in a property in sunny Spain for much cheaper than even the lower end of the domestic real estate market in the UK. Whether you are looking to relocate permanently or not, opting to buy a Spanish property in the current climate makes for a sound long-term investment.