Off to a flyer in 2019
Last week, real estate valuation specialists Tinsa published their monthly IMIE report for Spanish house prices1, which shows that residential property last month was, on average, 6.8% more expensive than in January 2018.
This statistic makes last month the best-performing January for over a decade in terms of house price increases and a higher monthly interannual percentage rise than any month last year.
This record-breaking figure comes despite an extremely dynamic 12 months for the real estate sector in 2018, which saw second-hand property prices in Spain surge by a reported 8.4%.
Year-on-year figure, broken down
The most significant contributor to the 6.8% national average price growth was the “Mediterranean Coast” category, which includes our very own Málaga province and the Costa del Sol.
Property on the Med was over 10% more valuable in January than in the same month last year, which is the biggest year-on-year appreciation recorded in the first month of the year since the financial crisis hit Spain.
Elsewhere in Spain, residential property values in “Regional Capitals and Large Cities” leapt 9%, while “Metropolitan Areas” registered growth exactly in line with the Spanish national average at 6.8%.
On track to meet predictions
This latest news from Tinsa should hardly come as a surprise. After all, we’ve known for several months that Spanish house prices are set to increase by between 5% and 7% in 2019.
However, given the impressive nationwide appreciation in 2018 and the fact that house prices are to rise sustainably in the near future, interannual increases over the months to come are unlikely to exceed 7%.
Are you surprised by these January statistics? Are you worried that Spanish house prices will spiral out of control? And do you think it might affect your decision about when to buy? If so, leave me a comment below!