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ARCHIVED - Tinsa report 8.4 per cent rise in Spanish Mediterranean property values
House prices recovering in Spain as sales activity returns to pre-pandemic levels
The latest monthly data published by leading Spanish property valuation firm Tinsa report that average market values of homes in this country were 4.9 per cent higher in July 2021 than in the same month last year, with increases in all of the wide categories used by the analysts.
As has been the case in recent months, though, the increase is far more significant in Mediterranean coastal locations, where it is calculated that market values are now 8.4 per cent higher than a year ago. A similar rise of 7.9 per cent is observed in the Balearic and Canary Islands, while elsewhere the increases are 4 per cent in capitals and major cities, 5.8 per cent in “metropolitan areas” (+1.2 per cent) and 3.5 per cent in the catch-all category of “other municipalities”.
In Mediterranean areas the Tinsa valuation index is now at its highest July level since 2012, while in the islands it is higher than at any point in the last 11 years.
The latest bulletin also contains the monthly “market snapshot”, in which Tinsa highlight reasons to expect upward or downward movements in the value of homes in Spain, summarizing the following indicators among others and clearly illustrating how almost all of them have been distorted by the pandemic:
- Sales figures: the latest monthly data (for May) show a 110 per cent rise in comparison with the same month last year, during the initial pandemic lockdown, and a 26.7 per cent rise in the first five months of the year.
- Building licences: the latest monthly data (also for May) show a 36.2 per cent year-on-year decrease and a 20.4 per cent rise in the first five months of the year.
- Mortgages approved: mortgage activity rose by 37.9 per cent in May but has increased by only 8 per cent in the first five months of the year.
- Unemployment: the latest monthly data for July show a record fall in the number of people out of work, which has dropped back below 3.5 million.
- Euribor: the interest rate on which most mortgage repayments in Spain are calculated was -0.491 per cent during July, still very close to its record low.
All in all, these data suggest a rapid return to good health in the Spanish property market after the consequences of the early months of the Covid pandemic, although in areas where international tourism is still struggling sales figures are running at lower levels than in 2019. Elsewhere, in coastal areas this is compensated for by increased interest among Spaniards hunting for holiday homes, as underlined by another Tinsa report relating to the first quarter of 2021 in the Spanish Costas.
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