The average price of housing rose 9.1% in November compared to the same month of the previous year and a 1.1% monthly rate, which is five tenths less than in October, according to statistics published this Friday by Tinsa, who has highlighted that the price of housing maintains its upward momentum, although with a more moderate evolution.
About to celebrate fifteen years of the maximum price reached in the real estate ‘boom’ (December 2007, according to Tinsa appraisals), the average home in Spain is 18.6% below the level of then, after having increased its average price 36.4% since August 2015, when it registered its minimum during the crisis.
The main centers of population and economic activity mark distances in November with respect to the rest of the territories.
“In the last month, the upward momentum in prices has been maintained in the group of metropolitan areas and, to a lesser extent, in capitals and large cities, while it has moderated on the Mediterranean coast, islands and other inland municipalities”, stated the director of the Tinsa Studies Service, Cristina Arias.
Thus, compared to the monthly increase of 1% and 1.7% registered in the capitals and metropolitan areas, respectively, the rest of the areas remained stable, with increases of between 0.0% and 0.3%.
In year-on-year terms, all groups reflect price increases compared to November 2021.
Specifically, metropolitan areas accumulate the highest growth (+11.2%), followed by capitals and large cities (+8.9%) and the smaller locations in the interior of the peninsula and the Atlantic coast collected in other municipalities (+7 .8%).
“The constitution of new mortgages is moderated by the forecasts of economic slowdown induced by the change in the ECB’s monetary policy that toughens the criteria for granting loans.
Even so, demand remains active, especially in large cities and their metropolitan areas,” Arias said.
The average price of housing in Spain reached its all-time high in December 2007, according to Tinsa’s appraisals.
After a period of intense price adjustment, the average value in Spain reached its minimum in August 2015 and began a progressive and heterogeneous recovery in the different territories.
Currently, after an increase of 36.4%, the average price in Spain is 18.6% below the maximum of 2007.
The greatest difference with respect to the time of the real estate ‘boom’ remains on the Mediterranean coast (-31.1%) and the rest of the municipalities (-29.6%).
On the contrary, according to Tinsa, the dynamism of demand has boosted the value of housing in the capitals and large cities by 42.5% from its minimum, placing the average value in this group 17.4% below the maximum. from 2007.
The island territories, markets where both the growth of prices in the ‘boom’ and the decline during the crisis were more limited, are 10.9% below their maximums.