Prices for both new and secondary property have increased by 3.6% year-on-year in June, with the largest increase occurring on the Mediterranean coast with 6.5% growth, according to data released by Tinsa.
In addition to coastal property, there was a 4.8% increase in property prices for real estate located in small towns grouped in the rest of the municipalities.
In megacities, in its turn, property prices increased by 4.2%, in capitals and large cities - by 2.3%, and on the islands - by 1.4% compared to July 2020, which was marked by the coronavirus pandemic.
Following the final date close in June, the second-quarter average deviation was reduced by 0.1 percentage points to 1.9% year-on-year from the originally announced 2%.
Small towns in the hinterland and along the Atlantic coast were the group where average property prices have risen the most since the start of the health crisis in March 2020: by 4.1% compared to 2.5% on the national average.
The islands have yet to regain the price level they maintained in March 2020 and have experienced a 1.1% drop from pre-pandemic levels.
31% BELOW THE 2007 MAXIMUM
Property in Spain has increased in price by 20.7% from the minimum values of 2015 and remains 30.7% below the 2007 level.
Islands and capitals, as well as large cities, are groups that have seen more growth from their respective lows since the financial crisis that began in 2008: 32.6% and 28.7%, respectively. In the rest of the municipalities, the revaluation has barely reached 10% since the establishment of the minimums.
In contrast, compared to the peak in 2007, the largest difference is in the Mediterranean coast group, where a 39.3% decline has accumulated since then, while in the islands the difference compared to 2007 is 13.2%.