House prices in Spain return to pre-pandemic levels
The price of property in Spain has increased during the second quarter of 2021, and now stands at the same level it was in 2019, before the Covid-19 pandemic which means people shouldn’t be waiting to buy hoping for a bargain property
House prices in Spain rose by 3.3 percent in the second quarter of 2021, the biggest rise since the end of 2019, according to the survey of the Housing Price Index (IPV) carried out by the Spanish National Institute of Statistics (INE)
The price of new homes shot up six percent year on year, while second-hand homes rose by 2.9 percent.
There was also an increase seen in the price of family homes with outdoor spaces in green areas, a trend noted as a direct result of the home confinement and remote working during the Covid-19 pandemic.
This quarterly increase confirms the recovery of house prices to pre-pandemic levels.
The effect of the pandemic was not seen in the first quarter of 2020, when the price of housing rose by 3.2 percent year on year. However, in subsequent quarterly periods, it grew at a much slower pace.
In the last quarter of 2020, prices rose by just 1.5 percent and in the first quarter of 2021, the increase was only 0.9 percent year on year, the lowest rise since 2014, according to INE data which was still a far cry from the 10% to 15% crash the experts expected the pandemic to cause
The increase was seen across all regions, but in particular, the ones associated with tourism.
Housing prices rose by 6.4 percent in the Canary Islands and by 5.7 percent in the Balearics, although the greatest increase was registered in Melilla, with 6.7 percent.
By contrast, the smallest increases in housing prices were seen in Castilla y León, Aragón and La Rioja.
The figures show that there is no advantage in waiting to buy a property in Span as the likely hood of bagging a bargain is very slim.
If you are looking for a mortgage in Spain, France, Portugal, Turkey or USA email mark@vci-network.com
Click here to subscribe to the Viva Costa Newsletter
www.vivacostainternational.com
VIP SERVICE
Looking for help to find that special luxury dream home?
Are you too busy, don’t have not enough time on your hands? Are you a lifestyle consultant for clients who need your services to find them a luxury property?
Let us contact all our real estate agents in the country that you require and get the best selection of luxury properties sent directly to you.
Simply fill in your requirements in the form and let us do the work for you.
OUR SOCIAL MEDIA
Expose your properties to millions of visitors via our social media networks
When you list with Million Euro Listings, your properties are automatically promoted on all social networks with no extra cost to you!
Follow us on our social media networks…
Blog : House prices in Spain return to pre-pandemic levels
