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 second quarter of 2019 (all figures show latest year-on-year percentage change):
- The Ministry of Public Works (Fomento) +4.4% in the first quarter, based on official valuations
- The National Institute of Statistics (INE) index +6.8% in the first quarter, based on data from the Land Registry
- The Spanish Land Registrars’ Association +8.7% in the first quarter, using their ‘repeat sale’ methodology
- The Association of Spanish Notaries index -1.7% in April
- The Tinsa index based on property valuations carried out by the company +3.6% in May
- The Idealista.com (property portal) resale asking price index +5.8% in May
As I always feel I should stress, these figures for country-wide house prices don’t tell us anything about what’s happening in local segments, but they do suggest where we are in the property market cycle. This chart suggests that the Spanish housing market is still on the upside, the negative result in April from the notaries’ volatile index notwithstanding.
Spanish house prices by type of area
The house price index published by appraisal company Tinsa based on valuations is also broken down by type of area such as cities, coast, and islands. According to Tinsa, house prices in May were up an annualised 4.8% in big cities and provincial capitals, 2.9% on the Mediterranean coast, and 8.5% on the Balearic and Canary islands, where home sales are declining even as house prices rise.