The latest data report released by property valuation company Tinsa has confirmed that the recovery of the Spanish property market continues.
According to Tinsa the average value of residential property in Spain nationally rose by 4.3 per cent in October on a year-on-year basis when compared to October 2016.
Year-on-year increase in property values were reported in the all of the categories identified by Tinsa.
The largest rises were seen in provincial capitals and large cities, with values up by 6.4 per cent compared to 2016.
The Balearic and Canary Islands followed close behind, posting year-on-year rises of 5.1 per cent. Metropolitan areas saw a 3.2 per cent rise in property values over the same period. The catch-all category of ‘other municipalities’ showed an annual increase of 2.3 per cent in October.
Only Mediterranean coastal areas showed a low increase of just 0.9 per cent year-on-year, however this appears to be a glitch, as these same areas have seen an increase in property values of 4.3 per cent over the first ten months of 2017, not far behind the national average of 4.8 per cent.
The new report from Tinsa also included the latest available figures for other factors in the Spanish property market.
The latest available figures for August showed a 16.3 per cent year-on-year rise in property sales nationally, and a 14.3 per cent increase over the first eight months of the year.
The latest available data from August showed a 29 per cent increase year-on-year, and a 13.2 per cent rise over the first eight months of the year.
The latest available figures concerning building licences showed an increase of 44.5 per cent year-on-year, and a 25.9 per cent rise over the first eight months of 2017.
All in all, it appears that the demand for property in Spain will continue to grow. The huge increase in building licences confirms that developers are confident that market prices for Spanish property will continue to rise both inland and on the coast.
Overseas property investors can also be confident that now is a good time to invest in Spain.