WHEN IS THE BEST TIME TO BUY A HOME IN SPAIN?
Are you thinking of buying your dream home here in sunny Spain, but unsure when is the best time to invest? Stop thinking about it, and do it now! To be honest, no-one knows when the best time to buy is, until it’s passed, but the way the housing market finished in 2017, means property prices will start to increase this year.
The data for the final quarter of 2017, showed an average price increase in Spain of 4.2%, reaching €1,264 per square metre, according to the provisional statistics of Tinsa IMIE.
Navarra and Madrid experienced the biggest increases of 15.3% and 15.1%, respectively. The Autonomous Communities, registered the highest increases of average house prices that completed in the fourth quarter of 2017. They were ahead of Catalonia, with an 8.9% increase. The Balearic Islands, showed an increase of 7.5%.
The Community of Madrid remained the region with the highest average value of housing at €2,082 per square metre, ahead of the Balearic Islands, at €2,023. The Basque Country, at €1,992 and Catalonia, at €1,770.
The greatest drops in prices in the last quarter of 2017 were registered in Castilla La Mancha, with a decrease of 54.7%. In La Rioja 53.5%, and in Aragón, a drop of 50.1%.
Provincial capitals like Barcelona, experienced a 1.7% price drop between the third and fourth quarters of 2017, to 14.8%. While in Madrid, prices increased in this period by 17.1%, compared to the last quarter of the 2016.
The price of housing here in the Valencian Community grew by 6% in the fourth quarter of 2017, compared to the same time in 2016. The average price per square metre in the Community, is €1,020. The number of sales transactions during the previous quarter was 16% more than in the same period of 2016, according to the Gesvalt Housing Report of the fourth quarter of the year.
So you see, with a 16% increase in property sales, just in the last quarter of 2017 alone, will encourage prices to increase. If you’re out looking for an investment in this beautiful part of Spain, there’s no better time than the present to make your dream a reality!