Further evidence of the continuing upward trend in the Spanish property market recovery comes from the latest data from leading valuation firm Tinsa reporting a 1.8% increase in property prices in February compared to the same month in 2016.
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According to the data published by Tinsa the Spanish property price index at the end of last month was 1.8% higher than that of February 2016, additionally despite eleven of the previous twelve months also seeing increases, February represents the most significant year on year rise within the period.
Increases in residential property prices were recorded in almost all areas with the Balearics and Canary Islands seeing the sharpest rises. Regional capitals including Málaga in the Costa del Sol averaged 2.5% property price growth whereas coastal Mediterranean regions in general have witnessed 0.9% growth since the start of 2017.
Concluding that the positive trends are likely to continue throughout the year to come, the report also offered a market snapshot summarising trends in the Spanish property market such as sales transactions increasing 13.9% in 2016 whilst building license approvals grew 28.9% and the amount of mortgages granted rose 14.8% for the same period.