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April 12, 2016

Catalonia and Madrid lead the ranking of growth in housing prices in Spain

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The average price of residential properties in Spain increased by 1.4% during the first quarter of 2016 compared to the same period last year. Furthermore, this has not been the first quarter in which the index developed by the appraisal and evaluation company Tinsa recorded its growth after more than seven years of economic crisis in the country. In the last quarter of 2015 this indicator has already registered its first increase by 1%. The peculiarity of the data published by the official appraisal company is that the strength of the recovery is already more pronounced in some parts of country, and there also have been added new autonomous regions with an increase in apartment and houses prices in Spain, recorded in relation to the first quarter last year.


Especially it should be noted that Catalonia and Madrid stand out as two autonomous communities of Spain that are acting as a main engine of the recovery of prices in the Spanish property market. Here should be talked about increases in the value of real estate in Spain by 8.2% and 7%, respectively, thanks to the economic recovery that the capitals of these areas experience during the past months. In Barcelona, ​​for example, the average price of residential property increased by 9.2%, while in the city of Madrid, the increase was by 7.5%.

For the first time since the onset of the economic crisis in the country, the number of regions, which recorded growth of residential property prices in Spain, exceeds the number of regions showed their decline. In addition to Catalonia and Madrid, the regions with the highest increase in prices of houses and apartments in Spain were the Balearic Islands (3.8%), Castilla-La Mancha (3.5%) and the Canary Islands (2.4%). On the other side of the classification are situated the regions of Spain where the correction of property prices is still very noticeable, although with less intensity, as in Aragon and Galicia, with an annual decrease of 3%. The long-term analysis, however, shows that regions such as La Rioja, Aragon and Castilla-La Mancha are the three regions of the country that have experienced the most significant adjustments in prices of residential property in Spain since 2007, when the economic crisis started, by 53.1%, 51.3% and 51.2%, respectively.

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