Property valuations experts Tinsa have been busy this week. As well as publishing their Coastal Property 2018 report – the analysis of which will be completed in our next post – they have also produced their monthly valuation paper for June…
Following a trend that has seen increasingly positive year-on-year increases in the month of June for each of the last three years, property across Spain is now 6.4% more expensive than it was in June 2017.
To put this into context, the sixth month of the year has not seen such an interannual price surge since 2007. This year marked the height of the real estate boom, and while the value of Spanish residential property is now an average of 35.7% lower than it was then, there has been a definite lexical shift from “recovery” to “high growth perspective” when referring to the real estate sector, with rises in property transactions and renewed investor confidence being the inevitable consequences of this change.
On Spain’s Mediterranean coast, which includes our glorious Costa del Sol, prices experienced an above-average increase of 7.4% compared to June 2017. The area came second only to big cities and provincial capitals, where the most significant year-on-year price gain of 10.2% was recorded.
Ascending as they are, the report’s brilliant statistics hammer home the fact that now is certainly a great time to buy in Spain. Specifically, the Costa del Sol property market is as buoyant as it has been for several years and demand remains very strong.
Keep your eyes peeled for our next post and more expert market analysis!