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HOUSE WORK Island Property Prices Up By 4%

Tuesday June 7, 2016

HOUSE WORK Island Property Prices Up By 4%

The purchase price of property for sale in the Balaerics and Canaries has risen by 4.2% during the first five months of 2106, outperforming the rest of Spain, according to data just released by Spanish real estate evaluation experts, TINSA.

The TINSA research reveals that house price growth in the Spanish islands has substantially outpaced the rest of mainland Spain. With prices in metropolitan areas up by 1.3% over the same period whilst remaining flat in the Mediterranean region.

Bundling the Canaries and the Balaerics together obviously blurs specific growth figures for each island group. However recent increases in tourist arrivals in both archipelagos and the collaps of competitor destinations in North Africa and the Middle East will certainly make both the Balaerics and the Canaries a more attractive proposition for overseas investors.

However, prices still remain some way below pre crisis levels according to the TINSA research and are some 30% off their 2007 level in the Canaries, a figure that is still ahead of the rest of Spain, where prices are on average 40% down.

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