Apartment for Sale Quesada
The price of properties rises the most in the tourist regions
The Canary Islands, the Valencian Community and the Balearic Islands were the regions where the price of housing rose the most during the last quarter of 2016.
The Canary Islands, the Valencian Community and the Balearic Islands were the Spanish regions where housing prices grew the most during the last quarter of 2016, according to a recent report.
The study analyses the prices of coastal areas with predominance of holiday housing. Thus the Valencian Community was the second community with the highest price increase during the analysed period, with an increase of 1.14% during the fourth quarter of the year. With this increase, the average price of housing was in December at 1,245 euros per square meter, which means that an average family should devote 7.42 years of their rent to pay a flat.
The islands, where the prices rise more.
The Canary Islands was the autonomous community that registered the biggest increase of the prices between October and December, after registering a rise of 2.57% and placing the average price per square meter in the 1,477 euros. This increase in the cost of housing forces families to increase the effort to buy a flat.
Something similar happens in the Balearic Islands, where the third quarterly rise was the most outstanding. In the Balearic archipelago prices have gone from 2,068 euros in October to 2,076 euros in the last month of the year, a quarterly increase of 0.39%. These figures mean that an average household must spend 11 years of their total rent to pay for a flat, when two months before it took 10 years on average.
La Rioja, Navarra and Murcia, where prices fall the most.
Despite these rebounds, not all the Spanish regions have increased their prices. According to the report, the regions that suffered the most severe quarterly declines are La Rioja (-1.23%), Navarre (-1.19%) and the Region of Murcia (-1.08%).
Three areas where the effort to access a home is much lower than in other areas. Thus, in La Rioja (4.83 years) and Navarra (5.77 years) the necessary family income is less than half that in the Balearics. In Murcia to buy a flat costs about 6.70 years of family income on average, a figure also much lower than that registered in the two main Spanish archipelagos.
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