Residential property valuation specialists Tinsa produced their monthly report on home values last week, which showed a 5.6% year-on-year increase for the eighth month of the year…
Tinsa break this figure down into five key areas – or types of area, in some cases – where valuations are registered. These are “regional capitals and large cities”, “metropolitan areas”, “the Mediterranean coast”, “the Balearic and Canary Islands” and “all other towns”. Typically, the most significant price increases are found in the first category, with August being no different.
The average growth in property values in regional capitals and large cities was almost 10% compared to twelve months ago, while the Balearic and Canary Islands experienced a 9.2% price surge.
These figures were offset largely by a less acute growth in metropolitan areas (2.4%) and a marginal dip in value across the so-called “other” towns and municipalities (-0.4%).
The Mediterranean Coast, to which the Costa del Sol is a huge contributor in terms of real estate activity, property transactions and a multitude of prestigious addresses, saw its home values rise by an average of 4.8% interannually. This figure is more than twice the percentage increase recorded in July, suggesting the recovery back to 2007 levels continues apace.
In terms of the evolution of prices in 2018, the accumulated percentage growth as at the end of August is 4.3%, so, as well as performing well against last year’s valuations, residential property all over Spain is increasing appreciably in real time, too.
On the same topic, recent data from the Spanish National Institute of Statistics shows that year-on-year home prices increased by 6.8% for the entire second quarter, bringing the number of consecutive quarterly price increments to 17.