Average property values in Spain have risen to their highest level since 2013, new figures show.
The latest data released by the Ministry of Development shows that average property price in Spain rose by 2 per cent in the year to 30th June. The average cost of a Spanish property is now 1,506 euros per square metre. This is the first time average property values have been above the 1,500 euros per square metre mark since the middle of 2013.
However, average values are still some way off the peak figure of 2,101 euros per square metre recorded in the first quarter of 2008.
A slight rise in property prices recorded in the second quarter of 2016, means that property values across Spain have now risen for five consecutive months.
Prices rose in ten of Spain’s 17 regions in the second quarter of 2016. The highest recorded rises were seen in the Balearic Islands (5.9 per cent), Madrid (4.8 per cent), Catalonia (4.6 per cent), the Canary Islands (2.9 per cent) and Extremadura (2.4 per cent).
At the opposite end of the housing market spectrum, the northern region on Navarra recorded prices falls of -2.2 per cent – the largest decline of any Spanish region. Aragon (-1.9 per cent) and the Basque Country (-1.7 per cent) also recorded significant price falls.
Article published 19th September 2016