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
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.
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.