House prices in Spain increasing year on year

We are almost at the start of Spring when temperatures here in Spain are rising to enable lovely beach days and great days on the golf course. A few days ago, at the start of a new month there is a new report on Spanish residential property prices by the valuations firm Tinsa. Data in this report suggests house prices in Spain in February 2020 were an average of 2.4% higher than the same period last year.

Within the Tinsa report Spanish territory is divided into 5 categories: provincial capitals and large cities, metropolitan areas, the Mediterranean coast, the Balearic and Canary Islands and all other areas.

In previous reports, provincial capitals such as Madrid, Barcelona, Valencia and Málaga are more dynamic and are often the catalysts for pricing change. Last month, the inter-annual change was +3.3% and obviously our markets have been affected by the economic situation and Brexit, but not quite as much as we thought it might. Here at Bromley Estates Marbella, contrary to the picture painted by the effect of Brexit, we had our best month for sales ever in January 2020. A high percentage of that was from British buyers.

Property prices in the Balearic and Canary Islands soared a massive 7.6% year-on-year, making February’s figure the eleventh significant annualised increase in the last twelve months.

Here on the Costa del Sol property prices saw a healthy average 1.4% year-on-year gain. All this data suggests this is the perfect time to buy on the Costa del Sol. Whether you are looking for a long-term investment or to purchase a holiday home. If it’s a retirement property you are looking for, a holiday home or part of your property investment portfolio, now is the perfect time.

Prices here are still significantly less than many other European destinations, so why not indulge yourself and take a look at some of these fantastic homes in the sun. Our experienced multilingual team are here to help you make that property purchase with ease.