Property prices in Spain rose by an average of 5.3 per cent in October, new figures show.
The latest data released by Spanish valuation firm Tinsa, reveals that prices in Spain are now 13.1 per cent higher than they were when the market bottomed out in February 2015, after years of continued downturn.
The company’s figures show that prices in all categories rose across the country in October.
The sharpest year-on-year price rise was recorded in the category labelled regional capitals and large cities, increasing by 8.3 per from October 2017 to October 2018. Mediterranean and other coastal areas recorded the next largest increases (6 per cent), followed by the Balearic and Canary Islands (4.5 per cent).
Since the country’s property market started to recover three years ago, prices in regional capitals and large cities have increased by 21.7 per cent, while prices in the Mediterranean have risen by 15.8 per cent.
It is in the categories labelled ‘metropolitan areas’ and the catch-call ‘other municipalities’ where property prices are struggling to match the increases seen in other areas, with values increasing by 9.3 per cent and 5.8 per cent respectively in the past three years.
However, while the market may have recovered strongly from the doldrums seen in the years of this decade, it still had someway to go to match the pre-collapse years.
The Tinsa index is still 35.1 per cent lower than it was at its peak in late 2007.
Article published 9th November 2018