Spain’s on-going property market recovery continued to have a positive effect on house prices throughout the month of March, new data published by leading valuation firm Tinsa shows.
Average house prices rose by 3.6% during the month, compared with March 2017, and are pretty much rising in line with previous monthly increases as well as the last quarterly increase (3.9%).
However, the categories identified by Tinsa did show some disparities; property prices in the ‘provincial capitals and other major cities’ category rose by a significant 6.8% while prices in the Balearic and Canary Island category fell by 2.3%, compared with the same month last year, reports Murcia Today.
Property prices in ‘metropolitan areas’ and ‘Mediterranean coastal areas’ rose by 1.5% and 0.4%, respectively, while the ‘other municipalities’ category saw prices rise by 3.3%, according to the data.
Since bottoming out, property prices have risen by 9%, Tinsa reports, and average property values are now at the highest level since 2013.
The report also included Tinsa’s monthly ‘market snapshot’ which highlights certain other factors contributing to the overall property market recovery; in January, there was a 9.2% increase in the number of mortgages approved and a 7.4% rise in the number of building licences issued; in February, sales figures grew by 16.5% year-on-year and by 19.8% in the first two months of the year; in March, unemployment fell by 7.55% and the Euribor (the rate used to calculate mortgage interest repayments) hit close to its lowest ever level settling at -0.191%.
All of these factors suggest that the market is well into its recovery and if current trends are anything to go by we should see a continuation of growth over the coming year.