House prices in Spain increasing year on year

We are almost at the start of Spring when temperatures here in Spain are rising to enable lovely beach days and great days on the golf course or out sailing. Earlier this month valuations firms Tinsa published a new report on Spanish residential property prices. Data in this report suggests house prices in Spain in February 2020 were an average of 2.4% higher than the same period last year.

Within the Tinsa report Spanish territory is divided into 5 categories: provincial capitals and large cities, metropolitan areas, the Mediterranean coast, the Balearic and Canary Islands and all other areas.

In previous reports, provincial capitals such as Madrid, Barcelona, Valencia and Málaga are more dynamic and are often the catalysts for pricing change. Last month, the inter-annual change was +3.3% and obviously our markets have been affected by the economic situation and Brexit, but not quite as much as we thought it might.  The draw of the lifestyle here in Mallorca is evident – owning a property here is a sound investment.

In the Costa del Sol property prices saw a healthy average 1.4% year-on-year gain. Property prices in the Balearic and Canary Islands soared a massive 7.6% year-on-year, making February’s figure the eleventh significant annualised increase in the last twelve months.

All this data on house prices in Spain suggests this is the perfect time to buy here in Mallorca. Whether you are looking for a long-term investment, a retirement property, a holiday home or to increase your property investment portfolio, now is the time to start looking for your 2020 purchase.

House prices in Spain are still significantly less than many other European destinations, so why not indulge yourself and take a look at some of these fantastic homes in the sun. Our experienced multilingual team are here to help you make that property purchase with ease. If you need help deciding which area is best for you, check out our area guides.