Housing became more expensive in the Canary Islands by 17.8% in the first quarter of the year compared to the same period of the previous year, according to the valuations carried out by the real estate valuation company Tinsa by Accumin,
Nationally the price grew by 3.2% on a quarterly basis and 14.3% compared to the same period of the previous year (+11.8% in real terms, discounting the effect of inflation), up to €1,987/m2.
Since the minimum registered after the real estate crisis (summer of 2015), new and used housing in Spain has become 68% more expensive and is 4.5% below the 2007 highs. Discounting the effect of inflation (in real terms), the value has increased by 32% since the 2015 low and remains 34% below the 2007 highs.
Of the 19 communities and autonomous cities, 14 register nominal year-on-year variations higher than 10 %, compared to the 11 of the previous quarter.
The largest increases in the price of new and used housing are registered in the Community of Madrid (+19.2%), Valencian Community (19.1%), Castilla-La Mancha (18.8%), Canary Islands (17.8%), Cantabria (16.2%), Region of Murcia (16%) and Balearic Islands (15.5%). On the opposite end, Extremadura, Ceuta, La Rioja, and Melilla show increases below 8% year-on-year.
Price growth in the last isolated quarter (quarterly rate) exceeds 4% in Castilla-La Mancha, Canary Islands, Castilla y León, Region of Murcia and Valencian Community. In nominal terms, the regions of Balearic Islands, Community of Madrid, Melilla and, as a novelty this quarter, Canary Islands, exceed the maximum levels reached during the 2007 bubble. If the effect of inflation is discounted (in real terms) only the Balearic Islands is about to surpass this maximum, standing at -0.1%.
The ranking of the most expensive capitals exceeds the 4,000 euros/m2 barrier with San Sebastián in first position (4,975), Madrid (4,600) and Barcelona (4,417). Between 3,000 and 4,000 euros are Palma de Mallorca (3,439 ) and Bilbao (3,140). At the opposite extreme, the homes with the lowest price are located in Palencia (1,256 euros), Zamora (1,270), and Lugo (1,282).