Tinsa: House Prices Rose By 2.2% In Q1 2016
14 April 2016 – 20 Minutos
House prices rose by 2.2% during the first three months of the year. According to Tinsa, the price of flats and houses increased by 0.8% in March with respect to the same month last year.
The appraisal company considers that the average price of homes in Spain is following a “moderate” positive trend for the time being – in other words, it is increasing moderately -. The cumulative decrease since the peaks of 2007 amounts to 41%, according to Tinsa’s IMIE General and Large Markets Index.
By geographic region, the Balearic and Canary Islands, and Mediterranean Coast recorded YoY price increases of 4.3% in March in both cases. Prices rose less sharply in metropolitan areas, with a YoY increase of 2.8%. By contrast, house prices decreased in March in other towns (-1.6%) and in capital and other major cities (-0.3%).
On a cumulative basis since January, the largest increase in house prices were recorded in the Balearic and Canary Islands, with growth of 5.1%. They were followed by price rises in other towns (+3.4%), the Mediterranean Coast (+3.1%), metropolitan areas (+2.2%) and capitals and other major cities (+0.6%).
Since the peaks of 2007, house prices have decreased by 41%. The Mediterranean Coast is the area where prices have decreased by the most (-46.5%), followed by capitals and other major cities (-45.1%), metropolitan areas (-43.8%), other towns (-36.1%) and the Balearic and Canary Islands (-29.1%).
Original story: 20 Minutos
Translation: Carmel Drake