In the latest batch of monthly property data by leading Spanish valuation firm Tinsa, figures reveal incremental nation-wide price increases and continued stability.
Property prices across Spain increased by 3.6 per cent over the last year, the fourth consecutive rise. Remaining steady in March, prices fell slightly in April and saw an incremental rise of 0.5 per cent in May.
Spanish property prices have now risen by 14.4 per cent since the market bottomed out in 2015 - and are still 34.4 per cent lower than they were during the height of the boom years in late 2007. Analysts point to a much healthier and sustainable rate of growth nationwide, with a sharp difference in prices from region to region. Spain’s regional capitals and other large cities have seen prices rise by almost 23 per cent since 2015, with increases of 22 per cent in the Balearic and Canary Islands, and 17.9 per cent along the Mediterranean coastal areas.
Focusing specifically on the Spanish property market in the month of May, Tinsa reported a 7.8 per cent year-on-year increase in sales figures nationwide. New building licenses rose by 11.2 per cent over the last 12 months, with an 18.9 per cent increase in the first three months of 2019. Mortgages granted across Spain also saw a 16.6 per cent year-on-year increase, and a 17.3 per cent increase during the first quarter of the year. Euribor, the interest rate on which most Spanish mortgages are calculated is currently averaging at -0.135%, having fallen from -0.112 per cent.
The monthly roundup signals the continued health of the Spanish property market, reflecting a stability that was largely absent during pre-boom years and a continued demand for appropriately priced Bargain Properties, New-Build properties and Luxury property along prime Spanish coastal areas.