Spanish residential property prices increased 4.9% during the first quarter of 2019 compared to the first three months of the previous year, the latest in a long line of quarterly price growth.
It will come as no surprise to anyone that keeps a close eye on the Spanish property market that prices have been witnessing steady and sustainable growth recently, a fact reinforced by this years first quarterly report from the valuations firm Tinsa.
According to the report, both new build and second hand residential real estate values have increased inter-annually for the last ten consecutive quarters. The average value of a Spanish home stood at 1,349€ per square metre during the three month period.
With prices on a national level still some 34.1% below the highest ever recorded in 2017, the report suggests a period of sustainable growth as opposed to a cycle of boom and bust. It also highlights a levelling out of the national market with a moderation in quarterly price increases for the Spanish property markets two driving forces; Barcelona and Madrid, whilst other regional capitals such as Burgos, Valladolid, Málaga, Zaragoza, Valencia, Tarragona and Palma de Mallorca emerge with growth statistics over 10%.
Home prices in Andalucía
Slightly higher than the national average, Andalucía witnessed year-on-year growth of 5.2% in property prices during the first quarter of 2019, the average price per square metre was recorded at 1,235€.
The positive growth in southern Spain is due in large part to the popularity of Málaga. The province, which includes our very own Costa del Sol, registered year-on-year growth of 10.6% for the quarter compared with 3.5% for the next best performing province of Granada. The average price of a home in Málaga now stands at 1,635€ per square metre.