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House prices rise most in tourist destinations

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Valencian Community coastline

House prices rose the most the end of last year in regions popular with tourists, reports the Spanish daily El Pais.

The Canaries, the Balearics, and the Valencian Community were the regions where property prices increased fastest in last quarter of 2016, according to a study by real estate listings aggregator Mitula Group.

Prices rose the most in the Canaries, up 2.57% in the quarter to 1,477 €/m2, leaving the average price of property in the region the equivalent of 8.7 years of average household income.

Prices rose 1.14% in the Valencian Region, home to the Costa Blanca and Costa del Azahar, pushing up the cost of housing to 7.42 years of household income in the region.

In the Balearics prices rose 0.39% in the quarter to 2,076 €/m2, the equivalent of 11 years of annual household income.

Prices fell the most in La Rioja (-1.23% / 4.8 years of income), Navarre (-1.19% / 5.7 years of income) and Murcia (-1.08% / 6.7 years of income).

Tourism creates wealth for Spain, but it also pushes up house prices for locals and foreign investors alike in the most popular destinations.

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