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.

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