Property prices across Spain have risen by 11.6% on average since the market bottomed out in February 2015. Not surprisingly, prices along the coastal areas in Spain have seen the most significant price rises, with 18.9% in the Balearic and Canary Islands, followed by a 14.8% rise in Mediterranean coastal areas.<\/p>\n
According to a recent report by property valuation firm Tinsa, property prices along the Mediterranean coast have increased by up to 9.3% more than in metropolitan areas. Urban areas and the catch-all category of \u2018other municipalities\u2019 have seen prices grow by 9.2% and 2.6% respectively, confirming the longstanding allure of properties in Spanish coastal areas.<\/p>\n
The Spanish property market has grown exponentially since 2015, with prices of residential properties located in regional capitals increasing by over 19.7%. In August, properties in Mediterranean coastal areas saw a price increase of 4.8%, with just 2.4% in metropolitan areas, and 0.4% in all the others.<\/p>\n
While regional variations are to be expected in a country as diverse as Spain, a number of factors are contributing to the recovery. Unemployment rates fell by 5.92% to 3.18 million in August, and the Euribor, a the rate used to calculate most Spanish mortgage interest repayments remain at record lows, growing by approximately 0.01% to 0.169%.<\/p>\n