The Ministry of Public Works in Spain has released statistics which show the largest year-on-year increase in property prices since 2008 with prices rising by 1.4% in the third quarter of 2015 pushing the average price of Spanish property up to €1,476/m2.
It marks the second consecutive increase in prices after the results for the second quarter showed prices had risen 1.2% and broken a 26 month run of decreases. The Ministry puts the peak-to-present change in prices at 29.8% similar to the 28% change reported by the Registrars.
Almost all the regions popular with foreign buyers fared well in the third quarter. Prices were up by 3.2% on the Balearic Islands, 2.4% on the Canary Islands, 2.1% in the Valencian Community, 1.2% in Catalonia and 1% in Andalucia with Murcia seeing a minor 0.5% decrease.
Costa Blanca & Costa del Sol
Prices on both the Costa Blanca (Alicante province) and the Costa del Sol (Malaga province) went up at a faster rate than their respective regional averages. Costa Blanca prices increased by 2.2% year-on-year while prices on the Costa del Sol were up 2.1%.
Main image: Artist’s impression of the Novabeach development on the Costa Blanca ©TM Real Estate Group