The house price index published by the Government shows average house prices rising 1.4% over 12 months to September.
On a quarterly basis the index was essentially unchanged at 1,476 €/sqm.
House prices rose the most in Madrid (+3.5%), followed by the Balearics (+3.2%). Prices also rose in the Canaries (+2.4%), and the Valencian Community (+2.1%).
Peak-to-present, property prices are down by 30%, according to this index published by the housing department of the Ministry of Public Works (Fomento).
This index first turned negative in December 2008 and went on to fall for 26 consecutive quarters, only returning to mildly positive territory in June this year.
In the context of the SPI House Price Index Tracker, which includes the seven most watched indices in Spain (see chart above), there seems to be some consensus that Spanish house prices are now positive but stable.
Marion says:
Hmmm. Spanish property increases. Thanks I prefer the transparent UK increases to Spanish practice ones.
matt coman says:
Property prices are definitely increasing in some areas of Spain. If you talk to the estate agents in Cadiz , for example, this year they are selling up to three times the amount of properties they were doing this time last year, albeit from a low base. This is firm evidence and because of this property prices are increasing. But of course, these are confined to certain areas of the country where there are no large gluts of homes. I am referring to the coastal areas of Cadiz province
David says:
@matt, do you actually believe what an estate agent in Spain tells you, such as ‘up to three times the amount of properties they were doing this time last year’? They always have and always will talk the market up and it’s not firm evidence as it’s not independent stats. They may well be doing better than last year which isn’t hard to do but on the CDS for example there are still so many ‘Se Vende’ signs up privately as well as huge inventory on most agents’ books.