Home » Spanish house price data published in Q2 2021 suggests strong recovery

Spanish house price data published in Q2 2021 suggests strong recovery

spanish property prices Q2 2021

The SPI House Price Index Tracker plots the six most-watched Spanish house price indices on one chart (above).

Despite their different methodologies they all show a similar pattern of house prices cooling in 2019 before turning sharply down in the first half of 2020 as a consequence of the coronavirus pandemic, then recovering in the first half of this year, in some cases strongly. 

In detail, the following residential property price indices were updated in the second quarter of 2021 (all figures show latest year-on-year percentage change):

  • The National Institute of Statistics (INE) based on data from the Land Registry +0.9% in Q1 2021
  • The Spanish Land Registrars’ Association using their ‘repeat sale’ methodology +4.5% in Q2
  • The Association of Spanish Notaries based on sales witnessed by its members +2.3% in Q2
  • The Tinsa index based on property valuations carried out by the company +3.6% in Q2
  • The Idealista.com (property portal) resale asking price index +10.1% in Q2

The notaries also provide price data by region. Although the national average was +2.3% in Q2, there were wide regional variations, with average house prices based on sales witnessed by notaries in the period up more than 50% in the Balearics. The chart below shows house prices changes in regions of most interest to foreign investors.

spanish property prices by region Q2 2021

It is interesting to note that, whilst prices rose the most in the Balearics and the Canaries, these are the only two regions where sales in June were still below their level in 2018 (chart below). So prices appear to be recovering faster than sales on the islands, which would support the claim made by agents that there is a shortage of homes for sale.

Spanish property sales in June 2021

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