Spain property price increases double eurozone average, data shows

Space, style, sunshine and swimming: Spanish property offers exceptional value for money in an increasingly stable and attractive market.

Data from EU statistics agency Eurostat has this week revealed that the average property price increase in the eurozone over the past 12 months has been 3% – but Spanish price increases have been more than double that…

The Eurostat data shows that homes in Spain increased in value by an average of 6.3% in the year up to the end of the first quarter in 2016, which is more than almost all other countries in the eurozone.

This latest report from Eurostat also confirms that it is the eighth quarter in succession that Spanish property prices have increased, with the 6.3% figure the sharpest rise since the third quarter of 2007, and for the eurozone as a whole it is the best performance in average property price increases since 2008.

Spanish property is now priced around 32% less than it was midway through 2008, according to the data, which means that while values are rising – and have been for two years now – asking prices are still some way down from their peak of around eight years ago.

Various experts are happy with this current situation, which suggests a correction of market conditions and a slow and manageable return to growth that will be driven by both domestic and foreign demand, sensible lending from banks, and supportive economic growth throughout Spain.

Within the eurozone, Austria saw the steepest increase in property prices over that period, seeing home value rise by an average of 13.4%, while property in Italy and Cyprus tumbled in value over the past year by 1.2%.