Spanish Property Values Up in First Quarter

Spanish property values are up in the first quarter of 2019 as the Spanish real estate market continues to recover.

Leading property valuation company Tinsa have published their summary of developments the Spanish real estate market for the first three months of the year.

The average value of property across Spain was shown to be up by 4.9 per cent year-on-year when compared to the first quarter of 2018, to reach an average value of 1,349 euros per square metre.

However, the rise this quarter represents a less significant increase than the previous three quarters, indicating a slight slowdown the rate of recovery.

The rate of property value appreciation in the key regions of Madrid and Catalunya slowing to 7.2 per cent and 7.8 per cent respectively was partly blamed for the slowdown this quarter.

In fact, the largest increase seen over the first quarter of 2019 was in the region of Aragon at 8.6 per cent, while three of the seventeen Spanish regions actually registered slight decreases over the quarter.

Average property prices in Spain now range from as low as 759 euros per square metre in Extremadura to a much higher cost of 2,313 euros per square metre the Spanish capital city Madrid.

Property prices in Spain as a whole now sit at 34.1 per cent lower in the first three months of this year when compared to a decade ago. but this varies greatly from region to region.

Prices in the Balearics for example are only 20.6 per cent lower, while property in Castilla-La-Mancha remains 52.5 per cent below their peak prices.

Tinsa also reported that there were decreases in property valuations in 15 of the 50 Spanish provinces over the last year to this first quarter, though none of the 12 provinces usually popular with overseas property investors situated on the Mediterranean coast and in the Balearic Islands saw falls.