Average prices for both new build and second-hand homes in the Balearic and Canary islands grew by 11.3% in November compared with the same month last year, according to Tinsa, one of the leading real estate valuation services.
House prices increased by an average of 3.7% across Spain as a whole last month, in line with the year-to-date increase of 3.8%. Only the island territories have seen an annual average increase of over 5% in 2019.
Average house prices in regional capitals and bigger cities have gone up by 4.6% and 2.5% respectively over the past year. The Mediterranean coast, on the other hand, has seen a year-on-year rise of only 0.3%, lower than that seen in smaller towns or “remaining municipalities” where prices have risen by 1.3% over the past 12 months.
Compared with figures published at the end of 2018, house prices across Spain have gone up by an average of 2.4%. Only the islands, regional capitals, and big cities have shown above-average increases, with rises of 6.2% and 3.6% respectively.
Since the house-price lows registered at the end of the recession, house prices in Spain have gone up by an average of 16.8%, with bigger leaps in the case of the Balearic and Canary Islands (+29.1%), regional capitals and big cities (+26.8%), Mediterranean coast (+15.8%) and metropolitan areas (+13.6%). In all other areas, the rise was much smaller (5.5%).