Real Estate recovery in Spain

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Real Estate recovery in Spain

Thursday, 09 July 2015 08:14

The average price of a home in Spain has gone up 1.4% in the last 12 months

According to a report of the Evaluation Society (SA), the prices of homes in major provincial capitals in Spain has risen by 1.4% in the last twelve months (June 2014 to June 2015). In the period of January to June 2015 prices rose in 24 different Spanish cities, remained stable in five and fell in another 21 Spanish cities.

The average price of homes rose with 1.4%, a positive development when compared to the period of June 2013 - June 2014, with - 4.8%.

The cities with higher unit prices are San Sebastián (€ 3,291 / m2), Barcelona (€ 3,255 / m2) and Madrid (€ 2,776 / m2). In Barcelona the prices of apartments for sale rose with 4.0% in the first half, in Madrid with 4.2%, while down to 1.3% in San Sebastian.

Funds, mainly foreign, and individual buyers are strengthening the sector. The resumption of an active real estate recovery with ongoing work and repairs also helps.

Significant market improvement

In conclusion the report shows that the situation of the Spanish real estate market is experiencing a significant improvement. The recovery of the sector seems immenent. The improvement of the conditions for obtaining mortgage loans continues to strenghten the market, in some cases with an rent to buy option.