Spain rivals UK for property price growth
- 5 Spanish provinces beating UK for property price growth (Kyero.com)
- Ibiza property prices up 27.2% in past year
- Visits to Kyero.com up 42.3% in 12 months
Newly published data from Spanish property portal Kyero.com, has revealed that Spain is giving the UK a run for its money when it comes to property price growth.
Annual asking price growth reached 27.2% on Ibiza in the year to January 2017, with five other Spanish provinces comfortably outpacing price growth in the UK over the past year (which stood at 4.5% year-on year, as at December 2016, according to Nationwide).
“The past year has seen 6.9% price growth across Spain as a whole, with a median asking price of €245,000. The market is returning to strength and we’ve seen a number of provinces rivalling the UK when it comes to price growth. That’s great news for those investing in property in Spain, as well as second home owners and retirees who are looking for a good opportunity for capital gain.”
Richard Speigal, Head of Research at Kyero.com
The five provinces enjoying higher annual price growth than the UK over the past year are Tenerife, Mallorca, Cadiz, Gran Canaria and Ibiza, with growth ranging from 8.0% in Tenerife to 27.2% in Ibiza.
That four of the top five destinations are island-based, while Cadiz enjoys a stunning coastal position on the mainland, shows that it’s not just financial benefits that buyers can enjoy.
The cheapest of the five provinces, in terms of average price, is Gran Canaria. Prices there have risen by 12.8% in the past 12 months, with an average price of €227,000. That’s enough for a light and spacious three-bed triplex in San Fernando, or a two-bedroom Playa De Cura apartment with pool and sea, mountain and golf views.
The most expensive of the provinces by far is Ibiza, with an average price of €1.15 million. That’s enough for a large, secluded villa with pool, chill-out area and fishpond. For those looking at Ibiza through entrepreneurial eyes, it’s also just the right amount for a three storey bar and restaurant with a large terrace overlooking the castle.
With annual price growth of 8.7%, Mallorca is the second most expensive of the five provinces. The average property price there is €491,000 – enough for an exclusive Santa Ponsa Nova apartment with an extensive terrace overlooking the pool and lush gardens.
As the only non-island province to enjoy UK-beating growth, Cadiz is generating excitement among buyers on the mainland. Prices there shot up by 8.9% in the last year, while the average price of €269,000 makes it much more affordable than some of its island counterparts. That’s enough an apartment with four bedrooms, an outdoor terrace and ocean views in an excellent location within this lively city.
“The competition’s really hotting up now, with the impact of Article 50 on the UK’s property market to be felt over the coming year, we expect to see more and more Spanish provinces outpacing the UK’s property price rises.”
Richard Speigal, Head of Research at Kyero.com
That fact is reflected in the huge growth in buyer demand that Kyero.com is experiencing. Property enquiries made through the site have risen by 36.07% in the past year, while overall visitor numbers are up by 42.32%.
Does this mean that UK buyers plan to abandon their own property market in favour of an Iberian one? Only time will tell.
For further details, visit www.kyero.com.