Andalusia once more posting strong results as property prices continue to rise in Spain.
Good news from the Institute of National Statistics for Spain (INE) – the property market continues to bounce back. House prices continue to rise albeit slowly. Andalusia strong in new builds and climbing steadily in Resales. The first quarter of 2016 is still the highest average figure for sales, notwithstanding, the Real estate Market is moving again. If you are considering buying a property, now is the time to commit, before prices rise even higher. Those of you thinking about selling, the average time for sale of a property is approximately 9 months – beat the trends and list with us!
HPI – SECOND QUARTER 2017
- Housing prices are up two points over the previous quarter.
Annual evolution of housing prices
- The annual variation of the Housing Price Index (IPV) in the second quarter of 2017 increased by three tenths and stands at 5.6%.
- By type of housing, the annual rate of new housing prices is 4.4%, more than one point lower than the previous quarter, with consistent growth in property sales for Andalusia.
- Meanwhile, the annual variation of Resale housing rose by half a point, to 5.8%.
Quarterly evolution of housing prices
- The quarterly variation of the general HPI in the second quarter of 2017 is 2.0%.
- By type of housing, new housing prices rose 2.6% between the first and second quarters of 2017. Whilst, ‘second hand’ or ‘resale’ home prices rose 1.9%.
Results by Autonomous Community. Annual variation rates
- A total of eight autonomous communities increased their annual rate in the second quarter of 2017. The highest increases are recorded in the Balearic Islands, the Basque Country and Cantabria, with increases of 1.9, 1.2 and 1.1 points, respectively.
- Andalusia is up 0.3 points over the last quarter.
- In contrast, the greatest decreases of the annual variation occur in Aragon, Principality of Asturias and Castile and Leon, with declines of 2.1, 1.7 and 1.0 points, respectively.
Annual HPI Rates Second Quarter 2017
Results by Autonomous Community. Quarterly variation rates
- Most of the Autonomous Communities have positive quarterly rates in the second quarter of 2017.
- Community of Madrid, Cantabria, Basque Country and Catalonia recorded the highest increases (of 3.4%, 3.2%, 2.9% and 2.9%, respectively).
- Andalusia once more posted a strong quarterly variation rate of 1.6%
- For their part, Principado de Asturias (-1.0%) and Extremadura (-0.2%) are the only communities with negative quarterly variations.
These statistics are taken direct from INE’s Press Release dated 8 Sept 2017.
If you are thinking of re-entering the property market in Andalusia as either a Buyer or Seller and are in the provinces of Cadiz or Malaga, get in touch to see how we can help.Get in Touch!