In February the average price of finished housing (new and used) in Spain, showed an increase of 2.7% to 1,346 points.
Data released by Tinsa shows the Spanish property market remains positive. Furthermore the increase for this period show a great year-on-year increase following the steep decline in the same period last year which took the index back to May 2003 levels, the lowest since the global financial meltdown.
The “Mediterranean Coast” and “Capitals and Major Cities” showed the biggest gains showing interannual variations of 6.1% and 4.6% respectively.
Despite the country as a whole showing a cumulative increase of 2.7% the country’s smaller towns (“other municipalities”) remain low, lower than the same period last year.
From the crisis of 2007, the average price adjustment now stands at 41%.
Not forgetting the decline of 2015 the areas included in the Mediterranean Coast showed the largest annual increase despite showing a slight decline of -0.1% during January and February, 2016.
The Balearic and Canary Islands registered an increase of 2.5% in February, when compared to the same period in the previous year, while “Metropolitan Areas” show an average increase of 1.5% over the last 12 months.
Despite the positive news and outlook prices are still a way off pre-crisis levels. The steepest declines are in the Mediterranean Coast (-48.1%), Metropolitan Areas (-44.7%) and Capitals and Large Cities (-44%). The cumulative adjustment is now below average in The Balearic and Canary Islands having recorded a fall of 30.7% since 2007, and also in Other Municipalities where prices have fallen 36.5%
The Tinsa IMIE is calculated from housing appraisals and each month collects the change in the cost of a m2 of a building and compares it to 2001. The absolute numbers (points) correspond to the value of the index and are not relate to the price per square meter.