Spanish Property Price Figures Show Growth Stable

The latest Spanish property price figures show that price growth is stable according to figures from Tinsa.

Tinsa is one of the largest independent property valuation companies in Spain and their data is watched by both industry professionals and international buyers looking to purchase property in Spain.

The Tinsa figures show growth Spanish house prices was stable at 3.67 per cent year-on-year in May 2019, reinforcing a recent slowdown in the growth rate.

The Spanish housing market had been in decline from 2008 to 2015, finally returning to growth in the first quarter of 2016.

Last year saw 5 months of annualised growth in excess of 5 per cent, but these figures seem to have become more stable in recent months.

The annual nationwide increase of 3.0 per cent for the last quarter (Q2 2019) hides a certain amount of regional variation and, with the exception of Cataluña/Barcelona, it’s the regional capitals that are leading the growth.

The Valencian Community for example rose by a stable 2.7 per cent as a whole, while the regional capital Valencia forged ahead with growth of 11.4 per cent.

Similarly, Seville led the way in Andalucia with growth of 8.1 per cent against the regional average growth of 3.9 per cent, and in the Balearic Islands which grew by a stable 3.9 per cent regionally overseas property investors in the capital Palma de Mallorca enjoyed growth of 8.9 per cent.

Monthly data relating to sales volumes, number of mortgages granted and mortgage size, released by the Spanish National institute of Statistics (INE), also showed the market stable.

The latest housing statistics from the INE shows Existing Home Sales in Spain decreased to 33.76 thousand in June, from 39.25 thousand in May 2019.

However, this still sits well above the long-term average of 23.21 thousand for the 2007 to 2019 period.

The number of mortgages granted over this period shows a similar trend and the percentage of mortgages as a proportion of total sales has remained within 60-75 per cent during the last 5 years.