Spanish Property Values Up in April

Spanish property values were up by 2 per cent year-on-year in April according to the latest property price index from leading valuation firm Tinsa.

The latest April figures continue the rising trend in property values in Spain which as seen a year-on-year rise in each of the last seven consecutive months.

Almost all regions of Spain saw a rise, with only the ‘other municipalities’ catgory showing a slight decline.

The rise in property values was led by regional capitals and other large cities recording an increase of 6.1 per cent in April, followed by the Canary and Balearic Islands showing rises of 4 per cent.

Momentum seems to be building in the Spanish property market, with figures for the first four months of 2017 even more impressive, showing a national rise of 2.3 per cent.

During the first third of 2017 the Mediterranean shows the highest increase in property values at 5.4 per cent. Capitals and major cities have seen property values rise by 4.3 per cent, closely followed by the Canary and Balearic Islands at 4.1 per cent.

Even the ‘other municipalities’ category showed a slight rise of 0.4 per cent over the first 4 months of this year, though metropolitan areas have seen a decrease of 2.1 per cent during this period.

Property sales in April were also up sharply by 29.6 per cent year-on-year, whilst the first four months of 2017 showed a 15 per cent increase.

Building licenses are also up year-on-year in Spain, with the latest figures available for February showing a 15.3 per cent increase.

The number of mortgages granted increased by 12.7 per cent year-on-year during 2016, and with interest rates still at historic lows the Spanish property market recovery seems likely to remain on track throughout 2017 as both Spanish nationals and overseas property investors increase activity.