Year Starts with Rise in Resale Property Prices

The year has started in a positive fashion with regards to the price of resale property in Spain. During the first month of 2016, resale property prices registered a slight increase of 2.1% from the previous month.

According to the latest study by property portal Idealista, this now means that the average price per square metre of a property has risen to 1,597 euro.

When compared to prices in January 2015, however, the annual increase in resale property prices only went up 0.3%.

Autonomous regions

The price of second-hand property has gone up in 13 out of the 17 autonomous regions in Spain, with the biggest increase being registered in the Valencia Region and Murcia.

Here, property owners are now asking for 3.5% for their second-hand property than they were just one month ago. Following Murcia and Valencia are the Canary Islands (3.4%) and Cataluña (3.2%).

The largest drops in prices were registered in Extremadura (-0.6%), La Rioja (-0.4%) and the Basque Country (-0.1%).

However, the Basque Country continues to be the region where second-hand house prices are the highest on average (2,565 euro/sq. m.), followed by Madrid (2,374 euro/sq. m.) and Cataluña (1,905 euro/sq. m.).

At the other end of the scale, we find Extremadura (956 euro/sq. m.), Castilla-La Mancha (972 euro/sq. m.) and Murcia (1,081 euro/sq. m.), which are the regions where second-hand property is most affordable in Spain.

Provinces

A total of 36 provinces maintained their resale house prices in positive figures last month. The biggest increases were registered in Valencia, Tarragona and Las Palmas, which were all just under 4%.

Resale house prices dropped the most in Cáceres (-3.1%), followed by Ávila and Soria (-1.3% and -0.8%).

The ranking of the most expensive provinces for resale property remains the same as usual: Guipúzcoa (2,893 euro/sq. m.), Vizcaya (2,263 euro/sq. m.), Madrid (2,374 euro/sq. m.) and Barcelona (2,189 euro/sq. m.)

Toledo is the province with the most affordable second-hand properties, at 862 euro/sq. m. This is followed by Cuenca (885 euro/sq. m.) and Lleida (886 euro/sq. m.).

Source: www.idealista.com