The prices of homes in Spain increased by 0.6% in February year on year, taking average values to €1,233 per square meter, according to the latest data from the General Council of Notaires.
Prices are strongest in the single family home sector with growth of 3.8% year on year while the price of apartments fell slightly by 0.2% compared to February 2015.
The average price for single family homes is now €1,007 per square meter, for second hand apartments it is €1,350, up 0.6%, and for new apartments it is €1,619 per square meter, a rise of 0.3%.
Home sales in Spain have recorded their highest figure for three years having increased by 15.8% in February compared to the same month in 2015.
The data from the National Statistics Institute is further evidence that the housing market recovery remains underway after a stutter in January saw transactions fall 2.9% after 16 months in a row of growth.
It would appear that the recovery is being led by existing homes rather than new builds. Sales of existing homes increased 21.4% year on year while sales of new homes fell by 0.2%.
The Spanish Tax Office Hacienda is taking a stand against investment property owners who fail to declare their rental income after sourcing their advertisements on real estate websites.
In a bid to control cash-in-hand rental activities, the tax office is mainly targeting people who advertise their property on the Internet through various property platforms, and is particularly interested in holiday or short-term rentals.
It is clear that the Spanish property market is recovering in terms of sales and even prices but the rental market is not doing as well.
The average rent fell by 0.3% in February compared to the same month of 2015, according to the latest data from the National Statistics Institute.
Rents have now fallen in Spain for 35 months in a row but the outlook is not too negative as rents are down less than the consumer price index which fell by 0.8% and month on month have been fairly stable lately.
British buyers have contributed the most to a steady growth in overseas buyers demand for property in Spain as the housing market remains stable.
According to figures from the College of Property Registrars more than one in 10 properties sold in Spain is now bought by a foreign buyer, including expats and non-residents.
Foreign demand as a percentage of the market was 13% last year, fractionally down from 13.5% the year before and foreigners bought 46,000 homes in Spain last year, 12,000 in the last quarter alone.
Overall foreign demand was up 11% last year, and 12% in the last quarter, whilst local demand grew by only 7% in the last quarter.
Rental values in Spain are continuing to fall with the latest figures showing that average rents fell by 0.4% in January compared to the same month of 2015, the 34th month in a row of declines.
The data from the National Statistics Institute (INE) shows that rents fell in all regions except in Galicia where they increased by 0.3%, the Balearic Islands and Catalonia both up 0.1%, ad were static in Murcia and Navarra.
The most significant fall in rental prices were in La Rioja where they were down by 2% while in Castilla y Leónand Castilla-La Mancha rents fell by 0.9%, were down 0.8% in Madrid and Extremadura and down 0.7% in Asturias and Valencia.
The residential property market in Spain has started 2016 positively with the latest figures showing that the average value of housing increased in January.
The latest data from property appraisal company Tinsa, shows that the Balearic and Canary Islands have seen prices rise the most, up 5.4% month on month and 3.2% year on year.
While overall prices increased by 2.9% compared to December 2015 and are up 1.1% year on year.
While most experts agree that the Spanish residential property market is well into recovery, there is unlikely to be much of an increase in prices.
Indeed the latest house price index from property portal Fotocasa suggests that prices are on an up and down trajectory but with no big surprise.
Asking prices fell 0.8% in 2015, down from an average of €1,632 per square meter in 2014 to €1,619 per square meter as of December 2015, according to the Fotocasa index.
Residential property sales in Spain are continuing to rise with the latest data showing that the number of transaction recorded by notaires increased by 7.3% compared with the same month in 2014.
It marks some 18 months of continuous growth, the figures from the General Council of Notaires shows with its analysis report saying that the recovery in the housing market is being maintained.
A 2008 crash sent Spanish real estate prices tumbling and tripped up many banks, leading some into state bailouts to cope with losses on loans and assets such as repossessed homes
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