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PROP UP House Prices Rise In The Canaries

Tuesday February 23, 2016

PROP UP House Prices Rise In The Canaries

Property values are on the up in the Canaries, according to the latest data just released by TINSA, Spain’s leading market evaluation agency, with house prices across the archipelago rising by 3.2% during the course of 2015 and by 5.2% in January alone.

TINSA’s annual report reveals that property prices across the country rose by 1.1% last year. But both the Balearics and the Canaries outperformed this average, recording higher high price growth than any other regions in Spain.

Market observers believe that this growth can largely be attributed to the fact that both the Canaries and the Balearics remain hugely popular as both retirement and holiday home destinations. And as tourist numbers to the island’s look set to rise again this year, thanks to a major switch away from Turkey and the Middle East, this upward trend also looks set to continue.

Relatively speaking however, property in Spain still represents excellent value for money, as TINSA’s report also reveals that house prices nationwide remain some 40% shy of their pre crisis 2007 peak.

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