The latest data from property appraisal company Tinsa, shows that the Balearic and Canary Islands have seen prices rise the most, up 5.4% month on month and 3.2% year on year.
While overall prices increased by 2.9% compared to December 2015 and are up 1.1% year on year.
Prices in large cities increased by 2.9% year on year while priced on the Mediterranean Coast rose by 1% and in Metropolitan areas they increased by 0.8%.
But in smaller towns the market is not doing as well, with average prices falling by 2.2% year on year although there was a small rise month on month.
It also shows that since the peak of the market in 2007, the average property prices is still down by 41% but there are regional variations. For example, since the peak prices are down 48% on the Mediterranean Coast, down 44.2% in large cities and down 43.5% in Metropolitan areas.
The gap is less in the Balearic and Canary Islands, with an accumulated decline of 29.1% from peak while in smaller town they are down 37.3%.
Property portal Fotocasa’s latest data is also positive. It shows that the average price of second hand housing in Spain increased by 0.3% month on month in January, taking the average price to €1,623 per square meter.
However, year on year this index is still showing an average decline in prices of 0.3%. It also shows that since the peak in 2007 average prices are down 45% and 12 of Spain’s 17 regions have registered price declines in excess of 40% since the peak.
In a Rioja prices are down 54.7% since 2007, in Castilla-La Mancha by 52.2%, in Navarra by 52.1%, in Aragón by 51.4%, in Murcia by 50.1%, in Valencia by 47.8%, in Catalonia by 46.6%, in Asturias by 45.6%, in Madrid by 44.7%, in Andalucía by 42.7%, in Extremadura by 41.6% and in Cantabria by 40.1%.
In January average prices increased in 10 regions. The biggest rise was in the Canary Islands with growth of 2.1%, followed by Aragón up 1.2%, Valencia up 1%, Andalucía and Catalonia both up 0.9%, Castilla-La Mancha, Navarra and La Rioja all up 0.8%, the Balearic Islands up 0.2% and Asturias up 0.1%.
In contrast, Extremadura recorded the biggest fall in prices with a decline of 1% in January, followed by the Basque Country down 0.9%, Galicia down 0.6%, Cantabria down 0.5%, Castilla y León and Murcia both down 0.4%, and Madrid down 0.2%.
The Basque Country remains the most expensive of Spain’s regions, with an average price of €2,730 per square meter, followed by Madrid at €2,197 and Catalonia at €2,064. The regions with the most economical second hand housing prices are Castilla-La Mancha at €1,058 per square meter, Extremadura at €1,100 and Murcia at €1,145.
The index also shows that 30 of the 50 Spanish provinces saw month on month price rises, ranging from 2.6% in Las Palmas to 0.1% in Asturias. In Burgos house prices remained stable over December 2015, while the 19 remaining provinces registered price declines, ranging between the a fall of 3.3% in Ourense to a fall of 0.2% recorded in Madrid.
