All of the main market indices used to assess the health of Spain’s property industry have revealed consistent price growth throughout 2017.
The six leading platforms each show house price increases in the range of 2-7% against 2016, with the Association of Spanish Registrars the most bullish – their data indicates the average Spanish property price has increased 6.82% in 2017…
Idealista puts that figure at 5.6%, Tinsa has it at 4.3%, the Fomento Index estimates prices are 2.7% higher, while even the notaries – which base their calculations on the most dated criteria – suggest that Spanish homes are now an average of 2.4% more expensive this year.
Such across-the-board positivity has not been seen for nearly ten years, says Spanish property expert Mark Stücklin, which indicates that the last remnants of recovery have been overcome.
However, the average home values across Spain are still some way below the peaks seen in 2007 at the height of the property boom. In Málaga, the average property is some 25% cheaper than a decade ago, suggesting that the recovery of market realities is still finding its feet. It is a similar story in Madrid – where home values are 20% below 2007 levels – and San Sebastián (21.5% below).
In Barcelona, property values in 2017 are a mere 8.4% below 2007 levels, the data shows.
In terms of sales, a collation of the six most trusted indices reveals an 8.6% increase in property transactions in 2017 at the end of September compared to the same period a year earlier.
By property type, the data shows 7.7% sales increase for apartments, a 12% increase for detached properties, and a 1.9% decrease in new home sales.
The typical mortgage amount for the year is €163,330 based on a collation of the various data. This figure is some 4.6% higher than last year.