Big rises in Spanish house prices

Thursday, 19 January 2006 12:00

Britons with homes in Spain have had a good year, with the average house price in Barcelona rising 15 per cent.

Prices of homes in Madrid rose less quickly than property in the Catalan capital, but still increased by over seven per cent in 2005, idealista.com reports.

But despite good growth, both cities recorded prices rises well below those of recent years.

In 2002, properties in Barcelona increased in value by 30.2 per cent, while in 2004 average house prices in the city grew by 18.3 per cent.

The 7.3 per cent rise in property values in Madrid was below that of 2004, but only slightly - with prices in the Spanish capital rising 7.5 per cent in 2004.

Second homes in Valencia on Spain's east coast grew fastest, with some districts of the city recording double digit growth in the last three months of the year alone.

All the districts of Barcelona, except for Les Corts - where prices rose 7.6 per cent, experienced double-digit increases in value in 2005. Ciutat Vella had the largest rise, at 18.8 per cent, followed by Horta Guinardo (17.1 per cent), and Eixample (16.9 per cent).

In Madrid, Puente de Vallecas saw the highest rise at 13.9 per cent, followed by Villa de Allecas (13.8 per cent), Usera (12.7 per cent), San Blas (11.2 per cent), Centro (10.8 per cent), and Ciudad Lineal (10.6 per cent). The Fuencarral district saw the lowest growth at 4.8 per cent.

To find a cheap mortgage, got to www.myfinances.co.uk/mortgages.htm

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