The SPI House Price Index Tracker plots the progress of the six most-watched house price indices in Spain, and brings them together in one chart.
The following residential property price indices were updated in the first quarter of 2019 (all figures show latest year-on-year percentage change):
- The Association of Spanish Notaries index +0.7% in February
- The Tinsa index based on property valuations carried out by the company +4.1% in February
- The Idealista.com (property portal) resale asking price index +6% in March*
*The property portal Idealista has just changed the way it presents its asking price data. The web page has a new format, and gone are the old PDF documents with monthly results, where I used to get the data. At the same time as changing the presentation, it seems to have changed the way the index is calculated. I’ve had to update my own spreadsheet going back several years with new figures, which show prices increasing at a smaller rate than the old figures.
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. All of indices updated in the first quarter show the Spanish house price rate of increase slowing down.
The house price index published by appraisal company Tinsa based on valuations is also broken down by area, as you can see below. The table shows house price changes in big cities (mainly Barcelona and Madrid) up 7.2% in February, the Mediterranean coast up 2.9%, and the Balearic and Canary Islands up just 0.3%, all areas significantly cooler than at anytime in the last few months.