Sarria-Sant Gervasi, in Barcelona has the highest price per square metre
At the close of the third quarter of the year Catalonia, Madrid and the Canary Islands are highlighted as areas where the recovery in property prices is more consolidated, according to the latest House Price Index from Tinsa.
There was a slight moderation in the pace of growth in Q3 with an average increase of 0.8%, compared with 1.5% in the first quarter and 1% in Q2.
Catalonia registered an annual increase in property prices of 6.5%, when compared to Q3 in 2015. In Madrid the annual adjustment was 4.8% and in the Canary Islands the increase was 3.8%. Other regions to record annual increases were La Rioja (+3.7%), the Basque Country (+3.5%), and Andalusia (+1.4%).
In contrast, Murcia, Cantabria, Navarra and Castilla y León showed significant negative variations of -4.9%, -4.1%, -3.3%, -3.1%, respectively.
2016
When we look at 2016 on its own we see the average price in Catalonia has increased by 3.8% since January. The Canary Islands have seen prices increase by 3.5%, while in Madrid the average price is up by 2.9%.
Cantabria and Murcia show negative variations with falls of -5.8% and -4.2%, respectively.
By Province
Property prices increased the most in the provinces of Barcelona and Malaga over the last 12 months. In Barcelona the average price of residential property has increased by 6.8%, while in Malaga prices have increased by 6.1%. Other provinces to see significant growth in prices include Cuenca (+5.5%), Caceres (+5.3%), and Gipuzka (+5.2%). In Madrid the average price of residential property has increased by 4.8% year-on-year.
At the other end of the scale there were some provinces to record significant negative variations. The largest falls were in Ourense and Teruel with annual variations of -6.6% and -5.2%, respectively.
Also seeing negative change were Murcia, Segovia and Cantabria which all saw falls of more than 4%. Avila saw prices fall by 3.6% while Valladolid, Badajoz and Navarra all saw price adjustments of -3.3%.
Capitals
Large cities and tourist areas have seen the largest growth in the last year. The most positive change was in Barcelona where prices increased 8.8%. Santa Cruz de Tenerife saw prices rise by 7.4%. Caceres and Bilbao saw property prices rise by 7.3% and 6.9%, respectively. Both Valencia and Madrid saw average prices rise by 5%. In Malaga the price increase was 3.5%.
The capitals with the largest falls were Murcia (-8.1%), Segovia (-7.9%), Albacete (-7.5%), Ourense (-7.1%) and Lleida (-6.6%).
Property Values
In terms of cost per square metre, the district of Sarria-Sant Gervasi, in Barcelona, continues to climb and is fast approaching 4,000€. The price at the close of the third quarter was 3,886 euros per square metre, the highest in Spain, and an increase of 8.8% when compared to the previous year. The most expensive district of Madrid is Chamberí with its price of 3,577 €/m², an increase of 7.6%.
In Seville the contrast between the minimum and maximum prices is quite distinct. The most expensive district in Seville is Old Town where the average price is 2,346 €/m². Compare this to Cerro Amate where the cost is a mere 933 €/m².
A similar contrast can be seen in Valencia. In L’Eixample the average price is 1,982 €/m² compared to 850 €/m² in L’Olivereta.
Time to Sell
Taking into consideration the supply of housing for sale and pace of transactions, the average time to sell a home in Spain is 10.6 months. This is an increase of one tenth over the previous quarter. This is likely due to increased volume of available properties.
The average time to sell in Madrid is 6.4 months, while in Las Palmas (Gran Canaria) the average time to sell is 7.1 months. In Santa Cruz de Tenerife you will need 7.3 months to sell. In the capital cities of Barcelona and Madrid the average time to sell is five months, almost half of the 9.5 months required in Malaga.
The longest sale time is seen in Cantabria where the average time to find a buyer is more than 18 months. In the provinces of Avila, Salamanca Alava it takes between 15.7 and 17 months to sell.
