The price of Spanish housing is growing at a much faster rate than the euro zone average, exceeding it for seven consecutive quarters. The latest data shows that the second quarter of 2016 witnessed a 3.8 per cent increase, lower than Jan-Mar figures but still higher than the euro zone average of 2.9 per cent.
Both Spain and Ireland have seen strong increases in recent years, largely due to making up lost ground as they continue to rebound from the brink of disaster.
France and Italy have fared far worse, while Germany has also performed well.
Buyers from abroad are returning to the Spanish housing market, attracted by economic growth that’s beating most of Europe and signs that prices are bottoming out after years of declines. Britons are the biggest investors as near-zero interest on U.K. savings accounts and rising residential prices make it less attractive to keep money at home.
Non-Spaniards spent 6.05 billion euros on Spanish property in the first nine months of last year, up 30 percent from the same period in 2013, according to data from the country’s Ministry of Public Works. The 40,338 dwellings purchased represent a 27 percent increase from the same period a year earlier, led by Comunidad Valenciana, Andalucía and Cataluña, the data showed.
While Madrid is the most expensive region to rent a home, at a monthly cost of €10.20 per square metre, followed by the Basque Country (€10 per square metre), Catalonia (€9.20) and then the Balearic Islands (€8.10), Barcelona is by far the most expensive city. There, tenants must shell out an average of €12.50 per square metre every month, meaning a small, one-bedroom flat of 50 square metres will cost €625 a month.
And after rising 11 per cent last year, Barcelona rents look to be booming.
Murcia saw the biggest drop of 4.4 per cent, and is one of the cheapest regions in which to rent, at an average of €4.70 per square metre per month.
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