Spanish Property Prices Rise Faster than EU & Eurozone Averages

In 2017, Spanish property prices rose faster than EU and Eurozone averages, says the EU statistics bureau Eurostat.

Housing price data, published last week, shows average property prices in Spain rose by 7.2% last year, compared with 4.5% in the EU and 4.2% in the Eurozone.

Elsewhere in Europe, the highest increases in residential property prices in the last quarter (Q4) of 2017 occurred in Ireland (11.8%), Portugal (10.5%) and Slovenia (10.0%).

In contrast, Italy reported the biggest decrease when prices fell by 0.3%.

In Q4, property prices grew the most in Slovenia (3.7%), Croatia (3.2%) and Cyprus (2.7%), compared with Q3 data. Meanwhile, the biggest quarter-on-quarter decreases were reported in Sweden (2.8%), Denmark (1.7%), Belgium (0.4%) and Finland (0.3%).

The Spanish property market recovery had a strong start to the year, with prices growing by 3.8% year-on-year in the first quarter of 2018. Madrid reported the most significant rise (17%), followed by Palma de Mallorca (14.7%), according to property valuation firm Tinsa.

Spain’s housing market returned to growth in Q1 2016 after 31 consecutive quarters of year-on-year declines. House prices are forecast to grow across the country by an average figure of 6.1% this year, according to the Instituto de Práctica Empresarial (IPE).

 

Source: IPE

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