Posted on May 31, 2016 in Property
According to data published by the Ministry of Public Works last week, the average price of housing in Spain stood at 1,492.4 euros per square metre in the first quarter of 2016, which represents a quarter-on-quarter rise of 0.2% and a year-on-year increase of 2.4%.
In real terms, discounting inflation, the average price of homes in Spain experienced year-on-year growth for the sixth consecutive quarter, reaching an annual increase of 3.1%.
The Ministry explained that, according to their statistical records, with this increase, the price adjustment since the maximum values registered in the first quarter of 2008 is 29%. In contrast, since their minimum values registered in the third quarter of 2014, the price of housing has now recovered by 2.5%. In real terms (including the consumer price index variation) the current price reflects a decline since the peak levels, of 34.3%.
By property type, the average price per square metre of housing of up to five years old stood at 1,727.8 euros in the first quarter of the year, representing a year-on-year increase of 0.2%, while the price for homes over five years old stood at 1,486.4 euros per square metre, which represents a rise of 2.6% year-on-year.
A total of 12 of Spain’s regions recorded year-on-year price increases in the first three months of the year, especially the Balearic Islands, which recorded the greatest increase, of +9.6%, followed by: Catalonia (+4.9%); Madrid (+4.2%); Extremadura (+3.7%); Galicia (+2.6%); Valencia (+2.4%) and the Canary Islands (+2.4%).
In contrast, five regions recorded year-on-year declines. These were: La Rioja (-2.2%); the Basque Country (-1.9%); Cantabria (-1.3%); Aragón (-0.1%) and the autonomous cities of Ceuta and Melilla (-0.3%).
In the cities and towns with over 25,000 inhabitants, those with the highest housing prices were: San Sebastian, with an average price of 2,993.9 euros per square metre; Ibiza (2,620.4 euros/m2); Sant Cugat del Vallès (2,610.2 euros/m2); Barcelona (2,594.5 euros/m2); Madrid (2,533.6 euros/m2) and Getxo (2,507.9 euros/m2), whilst the lowest prices were recorded in: Elda (508.9 euros/m2); Ontinyent (547.5 euros/m2); Jumilla (560 euros/m2); Villarrobledo (567.6 euros/m2); Vilena (598.3 euros/m2) and Tomelloso (621.5 euros/m2).