PROPERTY prices in Spain have increased by 3.8% in the first quarter of 2018 year-on-year, with Madrid leading the way.
The capital saw prices increase by 17% in the first three months of this year compared to the same period in 2017.
Palma de Mallorca wasn’t far behind, with a 14.7% price increase.
They were followed by Barcelona with a rise of 11%, and Pamplona with 10.4%.
Meanwhile, transactions in Madrid and Barcelona are at their highest level since the property crash, according to real estate agency Lucas Fox.
New homes accounted for 50% of the agency’s total sales in the two cities and transactions across all Lucas Fox’s offices in Spain increased by 39%.
Asking prices have also risen across the country, including in Andalucia.
Madrid saw the largest quarter on quarter asking price rise at 7.8% to €3,540 per square meter and year on year prices are up by 21.3% – but they are still 12.3% down on the market highs of 2008.
Prices rose by 5.6% in Granada, by 5.2% in Logrono, while in Malaga they increased by 5%, in Palma by 4.8%, in Valladolid by 3.1%, in Zaragoza by 3% and in Sevilla by 2.2%.
Prices fell by 0.3% in Bilbao, by 0.4% in Badajoz and by 0.5% in Oviedo.