Resale property prices in Spain go up by 2% in February
SPANISH PROPERTY PRICES rose 2.0% during the month of February, standing at 1.960 €/m2 nationwide, according to the latest property market data from Idealista.
The Spanish real estate specialists noted that the February 2023 house price rise in resale properties was 8.0% higher than that of the same month last year, and just 4.5% below the maximum historical price of housing in Spain, registered almost 16 years ago in June 2007.
Price rises were recorded in all Autonomous Communities throughout Spain with the Region of Murcia leading the increases (4.4%), followed by Navarra (3.1%), and the Valencian Community (2.5%), outstripping price increases in the Balearic Islands and Madrid.
House prices go up again in February 2023
The data follows last month's announcement that house prices increased 5.4% in January 2023, outpacing inflation in many areas including Orihuela Costa and our neighbouring coastal city of Torrevieja.
The average sale price for a metre of property in the Alicante Province now stands at 1.982 €, slightly higher than the national average, with month-on-month property prices increasing by 2.0%.
Perhaps more impressively, the annual increment in property prices amounts to 15.7%. The Alicante Province registered the highest annual increase in house prices on the Spanish mainland, with the Balearic Islands registering a 10.5% annual increase.
By contrast, house prices increased by 1.7% in the Spanish capital of Madrid and just 0.2% in Barcelona, once again confirming that domestic and international demand for property in our area remains strong.
Spanish property market surges ahead
The Spanish property market has experienced a rapid recovery from the economic downturn caused by the global pandemic. With persistent interest from foreign investors and steady demand from locals, the market continues to illustrate robust signs of growth despite rising interest rates throughout the Eurozone and a worldwide cost of living crisis.
Spain remains internationally accredited for its stable economy, a valuable and vanishingly rare commodity in these uncertain times. Long-term stability is vital for long-term investors considering buying a property anywhere, and Spain's recent track record speaks volumes.
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