Spain house prices rise in September
By Mas Property
on Mon Oct 18 2021
The price of homes in Spain increased in September by 1.6 % compared to August, according to valuation association Tinsa. This brings the year-on-year increase to 8.3 %. Prices are now 23.6 % above the low after the real estate crisis. Andrea de la Hoz, senior analyst at Tinsa, explains: “The variations in 2021 show house price increases, albeit in a more moderate way than the year-over-year variations, which are accentuated by comparing current growth with the declines in 2020 due to the corona pandemic.»
The Mediterranean coast and the two archipelagos Balearic and Canary Islands have risen by 12.1 % and 10 % respectively since September last year. The smaller cities have an increase of 11.2 %. In Madrid, Barcelona and the major cities, house prices rose by 6.7 %. On the other hand, the metropolitan areas of these cities are the ones that grow more moderately at only 5.7 %.
The Tinsa analyst added: “The continued reactivation through the months of 2021 is reflected in prices, sales, mortgages and visa numbers, within an overall context of external and internal factors for the real estate sector indicating an upward trend, although predictable from restricted route”.
Since the lows following the 2008 financial crisis, homes have regained an average of 23.6 % of their value. Despite this, prices are still 29 % below the value homes once had. Prices have recovered best in the largest cities, the Balearic Islands and the Canary Islands.
Source: Tinsa, October 2021