People will ALWAYS want to move to SPAIN

Quarterly Kyero House Prices: Q2 2020

If you’ve been wondering about the shape of the Spanish housing market recently, then Kyero’s Quarterly House prices data report can shed some light. We know things have been challenging of late but, following the trend in our recent reports, the news is actually very positive. So, let’s dive in and see what’s been going on in the real estate market during Q2.

What’s the shape of the market in Q2?

When we looked at the house price report for Q1 of this year we saw a relatively mixed picture with a median asking price of c. €249k, down on the 2019 close-out of €270k. Jump forward a quarter and new data from Kyero shows a Q2 median asking price of €278,850, suggesting the value of Spanish property has risen back to 2019 levels. Compare that to the median average of €269k this time last year and we can see that asking prices are in fact up year on year too.

Which provinces are showing the fastest growth?

Once again, when interrogating our Kyero data we’ve looked at each province in turn from the perspective of their growth since last quarter, and also since the same time last year. This helps us to see whether there are any emerging patterns that are of interest. Picking up early signals from the data can be a powerful way to set yourself ahead of the curve when it comes to making great decisions for the future of your business.

Top riser this quarter was Cadiz, showing a 3.8% increase in asking prices since the first quarter of this year. Annually this amounts to an impressive rise of 16.1%. Southern mainland coastal favourites Murcia, Malaga and Alicante take the next three spots on the list with an increase of 1.2%, 1.1% and 0.8% respectively. With only one island, Gran Canaria, appearing in the top 5 risers, with an increase of 0.8% since Q1 and a decrease of 2.7% annually.

And in which specific places have we seen price increases?

On a micro level we’ve seen relatively large rises in asking prices in some areas since last quarter. Dehesa De Campoamor located in Alicante has shown a growth of 16.2% this quarter, while Nueva in beautiful Andalucia is showing a 15.1% growth. Several popular expat locations in Malaga have performed extremely well too. With Los Monteros, Guadalmina and La Quinta up 13.8%,12.9% and 10.9% respectively.

At the other end of fortune, we’ve seen prices in the city of Madrid fall by 9.3% in the last three months, with Palmanova (-5.9%) and Cas Catala (-4.7%) on the island of Mallorca close behind on the list of fallers.

It’s interesting to note it’s those areas that have performed particularly strongly in recent times that are seeing the most significant price decreases now.

So what does all this mean?

It may be that you were expecting less positive news when you opened this article. But Kyero’s data proves there’s still plenty of confidence in the Spanish housing market, particularly from international buyers, something we also noted when looking at international buyer trends for Q2 recently.  People will always want to move to Spain 🙂