HOUSE PRICES: Overall stability, but Barcelona breaks out

spanish property house prices sept 2015

The latest house price data support an overall trend towards stability, whilst Barcelona breaks away with a jump in values.

Average national house prices fell by 0.8% over 12 months to the end of September, according to the appraisal company Tinsa, based on its own valuation data published this week.

Year-on-year asking prices of resale homes fell 1.6% to a national average of 1,574 €/sqm in September, according to data from listings at Idealista.com, a property portal, also published this week.

Seen in the context of the SPI House Price Index Tracker (above), the latest data suggests that Spanish house prices are stabilising after years of declines, but does not support the official data (Govt. INE, & Registrars) picture of property prices starting to increase by as much as 5%.

BARCELONA BREAKS OUT

Prime property in Barcelona

Prime property in Barcelona

Whilst average national prices are still negative but steady, some markets are heating up, led by Barcelona, show the data from both Tinsa and Idealista.

Although measuring different things (valuations of new and resale homes in Tinsa’s case, and asking prices of resale homes in Idealista’s case) both agree that house prices in Barcelona rose by 7.4% in September compared to the same time last year. It may be a coincidence they both arrived at the exact same figure, but news of fast-rising house prices will surprise nobody looking at the Barcelona property market today.

Resale asking prices in Barcelona rose an annualised 7.4% to a citywide average of 3,347 €/sqm, say Idealista, leaving them 29% below their boom-time peak of 4,732 €/sqm back in Q1 of 2007, more than 8 years ago.

OTHER AREAS

El Cabañal District, Valencia, property

El Cabañal District, Valencia, bargain-hunter territory.

According to Idealista, asking prices in Madrid rose 4.5% to 2,824 €/sqm, still 30% below the high of 4,035 €/sqm reached in Q2 2007. Valencia rose 3.2% to 1,444 €/sqm, still below the high of 48.5% reached in Q2 2007 (2,802 €/sqm).

Tinsa talk of a market of “multiple velocities” with 10 provinces clocking up annualised price increases, whilst 11 provinces saw prices fall more than 5%, including Almeria (-8%).

The following maps show the latest annualised house prices from Tinsa for all regions, provinces, and provincial capitals. Red = prices falling more than the national average, Blue = close to national average, Green = Rising prices, Grey = no data.

spanish property house prices sept 2015

Tinsa annualised house price changes by autonomous regions

spanish property house prices sept 2015

Tinsa annualised house price changes by province

spanish property house prices sept 2015

Tinsa annualised house price changes by provincial capitals

Comments

comments

7 thoughts on “HOUSE PRICES: Overall stability, but Barcelona breaks out”

  1. Mary

    Mark,
    I am a British OAP and thinking of moving over to Spain to retire. Not too keen on southern Spain as its like a concrete jungle along the coastline, as this is where I would prefer to be. So thinking of areas around Barcelona but not in Barcelona. Please can you tell me where there are nice open views (not closed in by other buildings) but again not isolated with good transport system into Barcelona.
    Which would be the nicer coastline – Costa Dorado or Costa Brava. I do not speak Spanish – have been to school to try, but it just wont sink in therefore I would need to be in an area of English speaking people. Where would you suggest?
    Any further information you can let me have would be most appreciated.
    Many thanks,
    Mary

    1. Profile photo of Mark StücklinMark Stücklin Post Author

      Hi Mary,

      You can find nice areas with expat communities (but not ghettos) on both coasts either side of Barcelona, in several nice towns or areas. It boils down to budgets and personal preferences. North of Barcelona is the Maresme coast, which is closer than the Costa Brava, you should look there before the Costa Brava if proximity to Barcelona is important.

  2. Profile photo of Mike51Mike51

    Would you have more information about the evolution of house/piso prices in Malaga city? Specifically, how the average price now compares with the prices 2, 4, 6, 8, 10 years ago?

    Many thanks.

  3. GarySFBCN

    I caution making assumptions. I left several pisos in Barcelona on ‘my favorites’ list on Idealista from 5+ years ago (I bought in 2012). I keep getting notices about some of them, and one recently raised the asking price on a flat that hasn’t sold in 5 years.

    1. Profile photo of Mark StücklinMark Stücklin Post Author

      Hi Gary, there are some (too many!) vendors out there with unrealistic expectations, and needless to say they never find a buyer. However, the Tinsa valuations don’t take into account vendor expectations / asking prices, and I doubt that unrealistic asking prices influence the monthly change in asking prices published by Idealista. I think these two sources of house price data do give us an indication of price trends / directions.

  4. Ryan Park

    Dear Mark,

    Thanks for the story I have been looking for. I’m currently looking for a place(get away apartment) in Barcelona area and noticed that asking prices have gone up this year.

    You said current price is about 29% down(some real estate agents say 50% down and 15% up this year) compared to the one in 2007 before the crisis. I doubt the housing price will ever go back to that level but I would like to see some price increase for the next 5 years. What kind of return could I expect if I buy an apartment in L’Eixample district?

    I appreciate your time.

    Ryan

  5. cristina

    Why there is so much difference in data between the “official” sources like government, registrar etc..compare with the more “commercial” ones like fotocasa and Idealista?

Leave a Reply