INHERITANCE tax for estates of less than €1 million has been scrapped in Andalucía where the beneficiary is a spouse, parent or child. The region has just approved its provisions for next year's budget, and the...
Prices rise again in second quarter of 2016
Spanish property prices registered another quarter of increasing prices during the three months from April to June with growth of 0.8% year-on-year. The increase is below the 1.4% recorded for the first quarter but shows that price evolution remains healthy at present.
The positive result for the second quarter means that property prices have risen in Spain for three straight quarters, further good news was that many of the region’s in Spain’s interior showed improvement on a year-on-year basis.
Eleven of Spain’s 17 regions registered price rises in the second quarter with La Rioja top at +7.4% followed by Catalonia: +6.8%, Madrid: +5.4%, Canary Islands: +3.6% and Andalusia at +2.6%.
Price increases were also found in the Balearic Islands: +2.4% and the Valencian Community: +1.0%, again showing that the tourist regions and major cities are those that are generally faring best during the recovery. The one exception was the Murcia region, with prices down by 3.4%, perhaps dragged down by a severe 5.4% fall in prices in Murcia city for the quarter.
The provincial results revealed a clean-sweep of positive price evolution for the Costas (save for the Murcia Coast). The Costa Blanca (Alicante province) rebounded from a 2.2% decrease in the first quarter to register growth of 0.6% in Q2 despite prices in Alicante city falling by 4.9%.
The fact that prices in the province still rose on average despite the poor performance of the provincial capital shows us that the Costa Blanca’s resorts saw prices rise strongly for the quarter driven by areas such as Orihuela Costa where prices increased by 10.2% year-on-year in Q1 according to government stats.
Prices were also up on the Costa del Sol (Malaga province), this time by 5.5% helped by a 4% rise in property prices in Malaga city. All other coastal provinces in Andalucia also registered increases, by 4.4% in Almeria, 4.3% in Huelva, 1.3% in Cadiz and 0.6% in Granada.
Main image: A photo of the Sunset Drive development located in Benidorm on the Costa Blanca © TM Grupo Inmobiliario
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