The time to buy is now: Spanish house prices increased more than 10% in a year.

The time to buy is now: Spanish house prices increased more than 10% in a year.

The Spanish property market is blooming and the data confirm it. Since March last year, second hand properties have increased their price in almost every city in Spain. The areas in which this change had more impact are Madrid with a 14.6% price raise, Barcelona with 19.9%, Iles Balears with 26.7% and Malaga with 12.3%.

This means that for example, a property for sale in the costa del sol last year was 250.000€, this same property today it will cost more than 280.000€.

Property buyers are adviced to reserve the property that meets all their requirements as soon as possible, as properties are being sold very quickly. According to Fernando Encinar the manager of statistics in Idealista, “All data confirm the good situation of the Spanish real estate market: increase in sales, mortgage givens, and the sustained increase of prices.”

Demand continues to rise strongly, specially in the main areas of the Spanish territory. Provinces as Malaga or the Balears islands have increased their prices in more than 10% in less than a year. Just in the first quarter of 2018, prices rose +3%, and the trend is that they will continue raising.

According to the National Institute of Statistics in Spain, in 2017, the number of transactions for second hand houses rose by 381.163 units, (15.4%), and newly built properties by 10,8%.

Therefore, from Andalucia Reatly, we encourage people who are looking to buy a property in Marbella or the Costa del Sol, not to wait any further, as it will be more expensive.