Tinsa report that house prices rose 1.7 % in Spain in 2016

Tinsa report that house prices rose 1.7 % in Spain in 2016

‘The Islands’, with a change of value year on year of 2.8%, and the “Capitals and large cities”, with 2.4%, were the zones with the best price increases in the last month of the year, according to the latest report ‘IMIE General y Grandes Mercados’ published by Tinsa. The accumulated adjustment since the 2007 maximums reached 41.2%.

The authors of the report point out that the increase of 1.7% is greater than has been recorded in the last few months, basically due to an atypical pause which the index experienced in December of last year, with which it is being compared.

As well as the islands and large capitals, the growth of smaller locations, grouped together as “Remaining Municipalities” can be mentioned, where prices increased by an accumulated 2% during 2016.  At the other extreme, the area which performed worst last year was the “Mediterranean Coast” where the average value suffered a fall of 1.3% in 2016. The situation remained stable in ‘Metropolitan Areas”, with a slight annual increase of 0.6% in December.

Average house prices in Spain are down 41.3% since they peaked in 2007. The zones where house prices have shown the least readjustment are “The Balearics and the Canaries” (-30.7%), and the group “Remaining Municipalities” (-37%). For their part, the ‘Metropolitan Areas” show the greatest disparity (-44.7%) followed closely by  “Capitals and Large Cities” (-44.1%).

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