Posted on July 5, 2016 in Property

The average price of new and used housing in Spain increased by 0.8% in the second quarter of 2016, compared to the same period of the previous year, according to provisional data published by property appraisers, Tinsa.

Although this increase is more moderate than the 1.4% rise recorded in the first quarter of the year, it represents the third consecutive quarter of year-on-year increases.

With these data, since the maximum values registered in 2007, the price of housing in Spain has accumulated a decline of 40.9%. However, Tinsa highlighted the fact that, for the first time since the start of the crisis, year-on-year increases in the average price of housing were registered in Extremadura (1.1%),Valencia (1%) and Castilla y León (0.7%).

Catalonia, Madrid and the Canary Islands maintained the positive trend started at the beginning of the year, with their average prices increasing by 6.8%, 5.4% and 3.6%, respectively, in the second quarter.

In contrast, Aragón was the region which registered the highest year-on-year decline in their average housing prices, of 5.2%, followed by Murcia (-3.4%), Asturias (-2.7%), Navarra (-2.1%), Cantabria (-1.2%) and Galicia (-1.1%).

Tinsa’s statistics show year-on-year price increases in 30 of Spain’s provinces, led by La Rioja and Albacete, both of which registered increases of 7.4%, followed by Barcelona (6.9%), Cuenca (5.7%), Málaga (5.5%), Madrid (5.4%) and Girona (5.3%).

The greatest accumulated declines in prices, compared to the levels of 2007, are those registered in the provinces of Toledo, Zaragoza and Guadalajara, of -56.5%, -54.2% and -54%, respectively.

Moreover, in the second quarter of the year, the cities which recorded the highest year-on-year increases in their average prices were San Sebastian (10.2%), Cádiz (9.4%) and Bilbao (7.2%).