The price of housing, both new and used, in Spain is 19.2% below the highs of the real estate boom. However, in the Balearic and Canary Islands, this difference is reduced to 3.9% in September.
In the case of capitals and large cities, it is 15% lower, while on the Mediterranean coast and the rest of the municipalities, the distance increases to 29.3% and 28.3%, respectively.
For its part, since the lows recorded after the bursting of the real estate bubble, the price of housing has increased by an average of 37.4% in Spain. A percentage that has been increased in the case of capitals and large cities (45.2%), islands (41.5%) and metropolitan areas (40.4%).
The price of housing, both new and used, increased by 4.9% in September compared to the same month of 2022, an increase that approached 9% (8.9%) in the islands, according to data released this Monday by the appraiser Tinsa.
On the other hand, if compared to August, the islands continue to lead the increases in housing prices with a 2.3% increase.
Foreign sales hold up
Compared to this year-on-year increase, the price of housing increased slightly, 0.1%, compared to the previous month (August) in a context marked by successive interest rate hikes, the consequent increase in financing costs and a demand for housing that in certain locations is still much higher than the supply and is pushing prices upwards.
In fact, Tinsa points out that residential demand is decreasing more slowly in the segment of resident foreigners, which fully extends to the island territory and some areas of the Mediterranean coast, where foreign sales have had a greater weight during the first half of the year.
In addition to the increase in the islands, which continues on an upward trend, prices grew by 5.9% in metropolitan areas; 4.8% on the Mediterranean coast; 4.6% in capitals and large cities and 2.1% in the rest of the municipalities.
According to Tinsa, all the groups analyzed showed a slowdown trend in year-on-year terms in September, with the exception of the island territories, which continue to show dynamism in the evolution of prices.
