The Spanish property market is getting stronger

House prices in Spain have posted their highest annual growth since the Spanish property boom ended in 2007. With all the data from last year in hand, the Spanish property market has an optimistic outlook. Prices rose by 4.7% in 2016, well above the European average. It was the third consecutive year of growth and the best since 2007, when prices rose by 9.8%. They fell by 13.7% as recently as 2013, showing significant improvement over the past three years. New homes in particular have sold well in the past year, with prices up 6.5%. Despite the rise in price, new builds are the most sought after by buyers. The average price per square metre reached €1,512 at the end of the year. It peaked at €2,101 in 2008. It will take some time to reach those figures again, but the broader appeal of the Spanish property market is stronger than ever. 2017 started on a good note. House prices rose 1.8% year-on-year in February. Revenues also showed a sharp decline, down 30% in 2016 compared to 2015, indicating a broader favourability of financial conditions for property investors.