PRICES for second-hand homes in Spain rose annually by 14.8% in May according to listings collated by the Fotocasa property portal.
It states that in 20 years of analysis, it is the biggest-ever year-to-year increase.
Just between April and May of this year alone, prices went up by 4%.
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Based on prices per square metre, Fotocasa has calculated that the average price of a flat has sky-rocketed by over €27,000 in just 12 months.
Fotocasa spokesperson, Maria Matos said: “Housing is facing a historic moment as price rises are the highest since data began, revealing unprecedented demand pressure, fuelled by more favourable mortgage conditions and a very significant increase in migration flows.”
“A lack of available properties weighed down by the difficulties of the industry to build housing, is raising prices,” Matos added.
“It is a very big jump in a very short space of time and affects 94% of the provinces and 86% of the municipalities analysed, with eight regions growing at double digit levels.”
The biggest regional price hikes are in the Valencian Community (28.3%), Murcia (24.1%), Balearic Islands (20.9%), Andalucia (18.5%), Madrid (17.9%), Canary Islands (17.9%), Asturias (16.6%) and Cantabria (15.5%).
The most expensive average price per square metre in Spain in terms of regions is in the Balearic Islands which for the first time exceeds €5,000.
The largest provincial price rises are in Alicante (27.1%), Murcia (24.1%), Valencia (21.2%), and the Balearic Islands (20.9%).
Split into non-city municipalities, two adjoining Mar Menor communities in Murcia recorded some astonishing annual rises to top the national table.
They are San Pedro del Pinatar with 87.8% and Los Alcazares on 83.6%.
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