The SPI House Price Index Tracker plots the progress of the six most-watched house price indices in Spain, and brings them together in the chart above, which also shows the figures published last month.

The following residential property price indices were released in January 2017 (all figures show year-on-year percentage change):

• The Tinsa index based on valuations by the company +4.5% in December
• The Idealista asking price index +5.9% in January, the highest level since the recovery started
• The Association of Spanish Notaries index -0.9% in November

These national indices don’t tell us anything about local markets, but they do at least give us an idea of where we are in the property market cycle. It’s clear from the chart above that Spanish house prices are on the road to recovery, whichever index you choose.

Tinsa Spanish House Price Index

The Spanish house price index published by Tinsa – Spain’s leading appraisal company – also shows house price changes by area, with the big cities (mainly Barcelona and Madrid) up 7.5%, the Mediterranean coast up 5.7%, and the Balearic and Canary Islands up 3.8% in 2017.

The following chart, based on house price data from Tinsa, shows how Spanish property prices crashed over seven years from 2008 to 2014, bottomed out in 2015 and 2016, then started growing across the board in 2017 – the first year in a decade in which house prices increased in all the main areas.