House prices in Spain have risen to 3.3% of pre-pandemic levels and show no signs of slowing down.
The average house price in Spain closed in August with a rise of 3.3% compared to March 2020, the month in which the pandemic broke out and the health crisis began, according to a report from lavanguardia.
Compared to August of last year, the rise in prices was 5.2%, and 0.2% in August compared to July.
The report highlights the fact that house prices have recovered strongly after the falls they suffered in the second half of last year, explained Andrea de la Hoz, senior analyst at Tinsa’s Research Service.
According to the appraiser, the housing market is currently living “in a scenario of a sustained increase in prices, growing demand and limited supply”, which has caused “high inter-annual variation rates” in prices and “an upward trend. that is consolidated without setbacks month by month for the different geographic areas ”.
The largest price increases in the last twelve months have been reported in Spain’s Balearic and Canary Islands, with a 7.9% increase compared to the previous year, according to data from the Tinsa IMIE General and Large Markets index.
August witnesses a month of a lot of real estate activity in tourist areas such as the islands, where the price of housing has risen 4.2% compared to July.
The interannual growth rate of prices has also been very high in the medium-sized inland municipalities (7.1%); the Mediterranean coast (6.1%); metropolitan areas (4.9%) and more moderate in capitals and large cities (3.8%).
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