As Highly Commended real estate agency in Spain, Z-Yachting would like to share official data confirming that the Spanish property market is on an upward tendency with the news that the first quarter of 2016 showed the biggest year-on-year increase in housing prices since 2007.
According to the European Commission’s statistical office, Eurostat, homes cost an average of 6.3% more in the first quarter of this year than during the same period of 2015, making it eight consecutive quarters of year-on-year increases following six years of declines across Spain as a whole.
In Spain overall the house prices rose 1.4% over Quarter 4 of 2015, continuing a trend of increase seen throughout last year. It would also appear that concerns over the UK’s referendum on EU membership did not hold back the market either here or in Britain. Time will show if there is a significant effect now that the Brexit is a fact.
Among the EU countries only Italy and Cyprus, both with declines of 1.2%, saw a year-on-year decline, although figures for Greece have not been made available yet. Overall theEU real estate market is on the rise, with a 3% increase registered in the first quarter year-on-year and in the EU as a whole that figure was 4%, or 0.7% compared to the previous three months.
While Spain has been showing sustainable growth, there is some concern that other countries may be overheating. Hungary saw a 15.2% increase in the first quarter over the same period of 2015, prices were up 13.4% in Austria and 12.6% in Sweden. This last figure is of particular interest as the Scandinavian market in general is of high importance to the Costa Blanca property market. It can be expected that higher prices in Sweden, Norway (+5%) and Denmark (+5%) can lead to greater demand for properties at the Costa Blanca from Scandinavians looking for value.
These figures from an independent body like Eurostat are encouraging news and confirm statistics from a variety of sources that have all pointed to a recovery in the Spanish property market.
Should you be interested in investing in a property at the Costa Blanca please contact us. We have a fine selection of quality investment opportunities available from Altea to Orihuela Costa.