Property prices across Spain have increase during the first two months of the year by 2.7%.
The increase comes after a climb in prices through Q4 of 2015 and the property market has a positive outcome for 2016.
In the first few months of 2015 prices fell to their lowest level since the end of the crisis so the recent increase is being hailed as the end of the recovery and the beginning of an upward trend.
Prices increase across Spain and especially on the Costa del Sol where the increase was 6.1%.
Despite the increases prices are still some way below pre-crisis levels. Prices on the Mediterranean Coast are still 48.1% lower than pre-2007. In Metropolitan Areas the difference is -44.7%.
Across the board increases are good news for property owners but not so for buyers. There is also an ever-growing gap between prices around the country with Northern Spain continuing to be the most expensive area to buy property in Spain.
Property Purchases
Take for example a property of 80m². The Spanish average is 131,040 Euros. In the Northern town of San Sebastian you would be looking at 328,000 Euros, a massive 150.37% above the national average.
In Barcelona the cost for a similar apartment is more than double the cost of the average with an average price of 269,520 Euros. In Bilbao, also on the Northern Coast, the average price of an 80m² apartment is 241,360 Euros which, while considerably lower than San Sebastian and Barcelona, is still 84.19% above average for Spain.
The lowest prices are to be found in Jaen and Lleida where the same property will see you paying a paltry 89,600 Euros and 91,440 Euros respectively.
Rental Costs
The North is also the most expensive when looking at rental costs. Again, based on a rental property of 80m² the national average is 561.60 Euros per month. Once again, move North and you will see highewr costs. Barcelona records the highest prices and you should expect to pay 970.40 Euros per month, 72.79% above average. Back in San Sebastian and you will need to pay 940 Euros per month, 67.38% above average.
The cheapest towns in Spain for rental properties are Lugo and Ourence. There you should expect to pay around 332 Euros and 351.2 Euros respectively.
