Spanish house prices up three quarters in a row

Costa del Sol, Spain Photo: Dan.Kristiansen

Figures from Sociedad de Tasación show that house prices rose approximately 3 per cent in the first three months of 2015 compared to the same period a year earlier. The increase was announced by the firm's director, Juan Fernández-Aceytuno, at the XXII Financial Sector Meeting organised by Deloitte and ABC. He noted that, in terms of this year-on-year measure, house prices have now enjoyed three quarters of rises in a row.

The firm also noted that the number of mortgage appraisals by the company is increasing in number by "double digits".

The comments follow the latest index from Idealista.com. The portal's measure of asking prices across its listings reveal that prices climbed in nine regions of Spain in the first three months of 2015.

Asking prices fell overall by 3.5 per cent year-on-year, while values fell in seven regions, indicating the way that is still to go in the market's recovery. Nonetheless, improving expectations from sellers (up 0.2 per cent) suggest a positive outlook for the country's real estate. Indeed, a recent reports from the IMF found that prices have bottomed out, while the National Institute of Statistics revealed that prices climbed 1.8 per cent in 2014, the first annual rise since 2007. Prices are particularly showing signs of increasing in the popular coastal hotspots and the Balearics, according to agents.

Sellers are advised by Idealista.com to focus on negotiating a reasonable offer for their property now, instead of trying to bump up their asking price in the near future, which highlights the importance of realistic expectations. Fernández-Aceytuno also says the market's improvement should not be exaggerated, as "there is still much to be done". Overseas buyers, though, are certainly fuelling the market's gradual turnaround, with Spain the most popular country on TheMoveChannel.com in March for the third time in four months.