Balearic Islands driving recovery in Spanish property prices
The Kyero House Price Index Report has just been published giving stats on Spanish property prices for Q3 2019. The Balearic Islands were ahead of all other regions of Spain. It also shows prices in the Balearics to have recovered more than any other region since their peak before the financial crisis.
Kyero’s regular reports provide a valuable insight into current trends within the Spanish property market. Their qtr 3 HPI (House Price Index) report shows prices rising across Spain for the third consecutive time – an average of 4.7% year-on-year for the quarter. The Balearic Islands, Andalucia and Aragon are highlighted as leading this growth.
You can read the full Kyero report here. HPI Report Q3 2019 and Spanish house prices predictions for 2020.
Mallorca stands out as being a resilient and solid property market
Unfortunately we don’t have any data separating the Mallorca property market from the other Balearic islands. Empirically however, it seems likely the highest growth has been in Mallorca. And, as noted in previous market updates, growth within Mallorca itself has been strongly focused on the locations that are most sought-after by international buyers.
The report also shows The Balearics to be the region that has recovered most since the property crash that followed the financial crisis of 2008. Prices have not quite attained the same levels but are now just 5.4% below their peak. Another statistic that highlights the resilience and strength of the Mallorca property market over time.
Kyero predict further increases in 2020 and this ties in with our recent blog Mallorca property market – outlook for 2020. Whether we see some tail off in the rate of increase remains to be seen. We think this most likely will be the case, perhaps by way of a slight balancing out with other regions. But we’re ready to be proven wrong on this and it will be interesting to see if the qtr 4 figures give us any indication.
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