6 February 2018 – El País
House prices rose again in January, in both the new build and second-hand segments. Overall, prices increased by 3.6% with respect to the same month in 2017, according to the appraisal company Tinsa. But the average increase across the country was well below the figures seen in the capitals and large cities as well as in the Balearic and Canary Islands, which recorded the highest price rises of the last 12 months in January, with increases of 5.1% and 4.1%, respectively. In metropolitan areas, the rise amounted to 3.2%, whilst along the Mediterranean Coast, house prices increased by 3%. In small towns, the increase amounted to just 0.9%.
Although average prices in Spain have recovered by 7.6% from the minimum levels reached during the crisis, they are still 38.3% below their maximums of 2007. In fact, the values registered in January place the price of finished homes at June 2013 levels. With respect to the historical maximums, the evolution of the residential market is still slow, in particular along the Mediterranean Coast, where prices are still 47% below their peaks.
The cumulative decrease in metropolitan areas as well as in capitals and large cities is also still above the average, at 43.3% and 39.7%, respectively. The Balearic and Canary Islands are the regions that have performed the best since the crisis, recording a cumulative decrease of 24.1% over the last 10 years, followed by small Spanish towns, with a cumulative decrease of 36.2%.
Original story: El País
Translation: Carmel Drake