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House Prices Rose by 1% in 2015 Y-o-Y

Posted on by peteradmin247

Compared with 2014, the average price of housing in Spain rose by 1% in 2015, which is the first increase since the beginning of the crisis, according to the IMIE Local Markets Index for the fourth quarter of last year, published last week by the property appraisal company, Tinsa.

The regions…where house prices rose most in 2015 were Catalonia (5.3%), Madrid (3.3%) and the Balearic Islands (2.7%), while the greatest price declines were registered in Navarra (-8.5%), Murcia (-4.3%) and Aragon (-3.6%).

With regard to Spain’s provinces, the most significant year-on-year price increases in the fourth quarter were recorded in Girona (10.7%), Barcelona (5.8%) and Lleida (5.3%), followed by Albacete (4.5%) and Madrid (3.3%). In contrast, the greatest decreases were noted in Navarra (-8.5%), Córdoba (-7.7%) and Palencia (-7.1%).

Among the large cities, the greatest increases in housing prices in the fourth quarter, compared to last year, were those recorded in Barcelona (8.7%), Badajoz (5.7%), Ávila (4.3%) and Madrid (3.8%), while prices fell most in Zaragoza (-4%) and Seville (-3%).

The report indicated that the average time it takes to sell a home in Spain currently stands at 10.2 months, compared with 10.6 months six months ago and that Cantabria is the province where most time is required to sell a home, at 18.6 months. Moreover, the provinces of Alava, Segovia, Ávila, Salamanca, A Coruña and Vizcaya also have longer terms than the national average for selling a home, all at above 14 months on average.

In contrast, the provinces where it takes least time to sell a property are Ceuta (3.7 months) and Melilla (5.3 months), followed by Soria and Santa Cruz de Tenerife, both with an average term of 7 months.

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