New build property prices continued an upward trend in 2017, rising to the highest level since the property crash, new reports shows.
Over the next few months we can expect to see a number of professional reports analysing the performance of the Spanish property market over the course of 2017.
One such report, by property valuation firm Sociedad de Tasación (ST), studied the price of new build properties across 50 provincial capitals and found that prices have risen by 5% since 2016 to €2,227/m2.
Furthermore in the second half of 2017 alone, the price of a new home in Spain rose by 3.3%. However, a more moderate year-on-year increase of 1.6% was recorded with the average market value reaching €1,580/m2, according to the report.
Homes in Barcelona are the most expensive, with prices reaching €3,865/m2, followed by San Sebastián and Madrid which saw prices grow to €3,441/m2 and €3,167/m2, respectively; property prices in these three cities have almost reached pre-crisis levels.
The confidence index (measured from 1-100) ended the year at 56.8, almost unchanged from last year, with buyers feeling more positive about the property market in Madrid (61.9), the Canary Islands (60.7) and the Balearics (59.7), says ST.
Over the next 12 months, the Spanish property market recovery will continue to consolidate and demand for new properties will rise thanks to an improving jobs market and growing economy, ST concludes.<< Spanish Property Market Rundown 2017