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Prices start to shoot upwards on the Mediterranean Coast
Property prices on Spain’s Mediterranean Coast have definitively shaken off the effects of the crisis and are on the rise again posting an increase of 6.1% in February year-on-year!
The statistics were released by the valuations company Tinsa and also show national price growth of 2.7% for the month following on from the 1.1% increase in January and leaving current values at 41% below their peak.
The Mediterranean Coast is starting to see a strong price correction but is rebounding from a lower base than other areas with peak-to-present change sitting at -48%.
Tinsa splits Spanish property into five categories for its studies and the Mediterranean Coast was one of the 4 categories which showed an increase in prices with the others being Capitals & Large Cities (+4.6%), Balearic & Canary Islands (+2.5%) and Metropolitan Areas (+1.5%).
The only category to post a decrease in prices year-on-year was Remaining Municipalities at -0.7% although, when looking at its data for 2016 so far, prices are up 2.7%.
Second home market returning
The second-home market in Spain is growing again as Spain’s economy picks up and foreigners continue to buy en masse. The principal beneficiary of the upturn is of course the Mediterranean Coast and this is being reflected in the latest sales and price stats.
Spanish nationals are also showing signs of returning to the second-home market with an example being the release of a new large development being planned for the town of Tarifa, an Andalucian coastal resort which is an extremely popular holiday-home destination for Spaniards.
The revival is of course being helped by a rise in mortgage finance being granted by Spanish banks. The number of purchases financed by mortgages in 2015 was up by 20% on 2014 and the average mortgage amount also increased by 4% showing the renewed importance of bank credit in Spain’s property sector.
This year has finally seen all the Spanish statistics agencies simultaneously releasing positive data on the four fundamental pillars of the sector, prices, sales, mortgage financing and construction. This has not happened since before the crisis and sends the clear message that now is a great time to buy in Spain with prices having bottomed out and demand on the increase.