Spain’s housing market continues to recover, amid continuous improvement in economic conditions, with property demand picking up across many parts of the country.
Fresh figures from Spanish property valuation firm Tinsa reveal that the average price of a home in Spain rose by 0.8% year-on-year during the second quarter of 2016, thanks in part to a rise in the number of foreign buyers acquiring property in Spain.
This is the third quarter in a row to show annual growth in Spanish property prices, although the 0.8% rise recorded in Q2 is lower than the 1.4% noted between January and March.
Despite improving market conditions, Spanish property prices remain significantly below pre-crash levels, with the average price of a home in the country now 40.9% below the previous market high in 2007.
The greatest level of growth was recorded in La Rioja where houses prices rose by 7.4% quarter-on-quarter, followed by Catalonia at 6.8%, Madrid at 5.4% and the Canary Islands at 3.6%.
For the first time since the start of the crisis Extremadura, Valencia and Castilla y León recorded the annual growth in property values at 1.1%, 1% and 0.7% respectively. Aragón led the largest declines, falling 3.5%.