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24 FRIDAY 30TH AUGUST 2019<br />
www.weekender.news<br />
Slowdown in<br />
house price<br />
growth<br />
HOUSE prices in Spain rose<br />
by three per cent on average<br />
in the second quarter<br />
of 2019, new figures have<br />
revealed.<br />
That compares to four per<br />
cent in the previous quarter<br />
and an increase of 5.8 per<br />
cent in the final quarter of<br />
2018 – figures which highlight<br />
a continuing slowdown<br />
in house price growth.<br />
The figures come from the<br />
latest local market report<br />
published by Tinsa, one of<br />
the largest independent property<br />
valuation companies in<br />
Spain. Its quarterly figures<br />
are much anticipated by market<br />
watchers and investors.<br />
According to the report, the<br />
by Alex Trelinski<br />
by Simon Russell<br />
slowdown is most noticeable<br />
in the city of Barcelona where<br />
“after years of significant<br />
rises” housing is now only 1.6<br />
per cent more expensive than<br />
it was 12 months ago.<br />
The Spanish housing mar-<br />
ket had been in decline from<br />
2008 to 2015 before its return<br />
to growth in the first quarter<br />
of 2016.<br />
It ended last year strongly<br />
with a 10 per cent increase in<br />
sales compared to 2017.<br />
Average prices in Spain<br />
have increased over 11 consecutive<br />
quarters, although<br />
Tinsa experts describe the<br />
latest rise as “practically insignificant.”<br />
According to the report:<br />
“Prices have accumulated<br />
a rise of 12.8 per cent since<br />
their post-crisis minimum,<br />
and now stand at 34.1 per<br />
cent below the highest<br />
reached in 2007”.<br />
Among the largest provincial<br />
capitals, only Valencia<br />
saw average price rises of<br />
more than 10 per cent in the<br />
last quarter, although Palma<br />
de Mallorca, Zaragoza and<br />
Seville saw hikes of more<br />
than eight per cent.<br />
And just three regions –<br />
Navarra, Aragon and Comunidad<br />
de Madrid – showed<br />
price rises in excess of five per<br />
cent in annual terms.<br />
The average time taken<br />
to sell a property in Spain,<br />
which relates the supply of<br />
property on the market to<br />
the rate of sales, stood at 8.2<br />
months.<br />
Another set of figures, this<br />
time from the government’s<br />
central statistics unit, also<br />
reported a nine per cent fall<br />
in registered housing sales in<br />
June, compared to the same<br />
month in 2018.<br />
The figures follow an earlier<br />
report by international<br />
property experts Knight<br />
Frank, which looking forward<br />
to the rest of 2019, concluded:<br />
“There is expected to be a stabilisation<br />
in demand and in<br />
house prices.”<br />
Analysts at Caixabank<br />
take the same stance. They<br />
believe the Spanish housing<br />
market is now entering a<br />
“more mature phase” which<br />
is highlighted by a weakening<br />
in growth in both demand<br />
and prices.<br />
In a recent report it said:<br />
“The factors which support<br />
the expansion of the housing<br />
market continue evolving<br />
positively but are losing dynamism.”<br />
Its experts added that the<br />
supply of new housing continues<br />
to “grow vigorously”,<br />
especially in areas of Spain<br />
with the highest demand.<br />
And they added: “Moderation<br />
should not be interpreted<br />
as a sign of weakness<br />
in the sector, but rather as a<br />
normalisation towards more<br />
sustainable growth rates following<br />
the strong growth<br />
experienced during the recovery.”<br />
LIFE IN A CASTLE<br />
by Alex Trelinski<br />
Spain as a country has a magnificent selection<br />
of strange yet beautiful buildings<br />
that you can’t find anywhere else in the<br />
world.<br />
From masías in Catalunya and palaces<br />
in Andalucia to pazo mansions in Asturias,<br />
these houses also have such extraordinary<br />
features as castle towers with battlements<br />
on them, or Moorish arches and decorations.<br />
Of course you have to pay, and many such<br />
special properties tend to be on private estates<br />
with lots of land, several buildings and<br />
plenty of luxury extras, so they all cost well<br />
over a million euros.<br />
In fact you don´t have to got too far to<br />
check a castle-style property, with one of the<br />
market right now in the Marina Baixa area<br />
of <strong>Alicante</strong> Province at Relleu.<br />
This five-bedroom detached home comes in<br />
at over two point five million euros, with 430<br />
thousand square metres of land thrown into<br />
the package.<br />
The views are great, as you can be your<br />
own king or queen of the castle.