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.
The following residential property price indices were released in June 2017 (all figures show year-on-year percentage change):
- The National Institute of Statistics (INE) index +6.2% in the first quarter, with new home prices up 5.7% and resales up 6.3%
- The Association of Spanish Notaries index -0.9% in April
- The Idealista.com property portal asking price index +7.8 in May
- The Tinsa index based on property valuations carried out by the company +4.2% in May
As I always point out, these national indices don’t tell us anything about local markets, but they do give us some idea of where we are in the property market cycle. With the exception of the volatile index published by the notaries, which seems to go up and down like a yoyo, all of the main indices now show Spanish house prices as rising in what looks like a well-established recovery.
The INE also publish a regional house prices index illustrated in the following chart showing Q1 2018 in red, and Q4 2017 in orange for all Spain’s autonomous regions. House prices are rising in all regions, but that’s where the similarities end. This chart clearly shows Spain’s two-speed housing market, with double digit increases in hot markets like Madrid, the Balearics, and Catalonia, whist prices are rising by less than one percent in the slow lane where you find Extremadura and Castilla-La Mancha.
Tinsa Spanish House Price Index
The Spanish house price index published by Tinsa – one of Spain’s biggest appraisal companies – also shows house price changes by area, with the big cities (mainly Barcelona and Madrid) up 6.8% in May, the Mediterranean coast up 3%, and the Balearic and Canary Islands up 2%.