Tancrede de Pola (OP Columnist)
THE latest figures for 2019 suggest Spain’s property market is enjoying a continued period of sustainable growth.
According to valuations firm Tinsa, new-build and second-hand properties have seen then values increase year-on-year for the past 10 consecutive quarters.
The average price of a home stood at €1,349 per sqm in the first three months of this year, while March saw the third consecutive monthly rise.
Typical hotspots such as Madrid and Catalunya are still leading the way, but prices across the country have soared by 12.4% on average since the plummet after the crisis.
National averages don’t mean much however, due to the increasingly different performances of coastal and city areas compared to inland and island destinations.
Backing the continued boom in tourism, Malaga, for example, has joined the ranks of Barcelona, Madrid, Palma and San Sebastian in enjoying a 30% rise in average property prices since 2007.
The growth has been strong but stable and seems to be avoiding the fatal boom and bust cycle which lead to the meltdown some 12 years ago.
Prices on a national level are still 34.1% below the highest ever recorded in 2007.
Andalucia remains one of the biggest attractions investment wise, enjoying a 5.2% year-on-year residential property price rise in the first quarter of 2019, slightly above the national average.
This is significantly lead by the surge in interest in Malaga, home of the Costa del Sol,which registered an inter annual price increase of 10.6% at an average house price of €1,635 per square metre.
In other words, if you are looking for a sound investment, look no further than Andalucia and it’s Costa del Sol.
