According to report published at the end of last month by TINSA, the price of property in Spain has risen this year even more than it did last year, despite well-publicised reports published recently predicting the contrary. This year newly built houses cost 16% more than they did a year ago, and used homes 19% more. Infact housing prices in Spain have risen overall by a staggering 220% over the past five years ,and by as much as 256% in the Balearic Islands (Mallorca, Minorca and Ibiza).
TINSA, Real Estate Appraisals Ltd, founded in 1985 after an initiative by the Spanish Savings Banks Confederation (CECA), is Spain’s biggest real estate appraisal company. In 2003 TINSA surveyed and valued 330,000 properties and increased its turnover by 25%.
According to TINSA’s most recent report, in the first semester of this year the average value of each square metre in brand new housing has reached 1,726 € (an increase of 16.
05% compared to the same period last year). Other properties which are not brand new average 1,458 € per square meter, an increase of 18.85%.
The report is not yet available in English, but the Spanish version is here. The most recent English translation of Tinsa’s regular reports is this one, referring to the price of property during the first quarter of this year.
Property market in Spain