Prices in certain segments of the Spanish housing market are starting to rise, claims Banco Sabadell, with a Spanish bank with a large portfolio of homes to sell.
There are around twenty municipalities where house prices and sales have been rising since the start of the years, says Solvia, the real estate arm of Banco Sabadell. Prices in those areas previously fell as much as 60pc.
Areas where prices are starting to show signs of recovery include some municipalities on the Costa Blanca, and city centres like Seville.
This is the first time house prices have risen anywhere in Spain in the last six years, according to Solvia’s own figures. There is even talk of developers showing up ready to start building again in these areas.
It’s hardly surprising that prices in some market segments have started recovering after six years on the slide because property markets are nothing if not local. At a time like this, very confusing signals will come from the market, and you might find prices in some segments rising, whilst overall sales and prices continue falling.
The wider market may be groaning under the weight of hundreds of thousands of non-descript repossessed homes, but prime property on the coast and the most sought after city-centres, where demand is highly diversified and supply is tight, will start to show price stability a year or two before the rest.