House prices in Spain return to pre-pandemic levels

House prices in Spain return to pre-pandemic levels

The price of property in Spain has increased during the second quarter of 2021, and now stands at the same level it was in 2019, before the Covid-19 pandemic hit.

House prices in Spain rose by 3.3 percent in the second quarter of 2021, the biggest rise since the end of 2019, according to the survey of the Housing Price Index (IPV) carried out by the Spanish National Institute of Statistics (INE), published on Wednesday. 

“The annual variation of the Housing Price Index in the second quarter of 2021 increased by 2.4 points since last quarter, meaning a rise of 3.3 percent, the highest level since the fourth quarter of 2019”, the INE said in its report.

The price of new homes shot up six percent year on year, while second-hand homes rose by 2.9 percent.

There was also an increase seen in the price of family homes with outdoor spaces in green areas, a trend noted as a direct result of the home confinement and remote working during the Covid-19 pandemic.

This quarterly increase confirms the recovery of house prices to pre-pandemic levels.

The effect of the pandemic was not seen in the first quarter of 2020, when the price of housing rose by 3.2 percent year on year. However, in subsequent quarterly periods, it grew at a much slower pace.

In the last quarter of 2020, prices rose by just 1.5 percent and in the first quarter of 2021, the increase was only 0.9 percent year on year, the lowest rise since 2014, according to INE data.

The increase was seen across all regions, but in particular, the ones associated with tourism.

Housing prices rose by 6.4 percent in the Canary Islands and by 5.7 percent in the Balearics, although the greatest increase was registered in Melilla, with 6.7 percent.

By contrast, the smallest increases in housing prices were seen in Castilla y León, Aragón and La Rioja

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George Radford

George Radford, 32 years old and from London. Co-founder and director of Bellingtons Property Group. George describes him as a hardworking, enthusiastic and determined young entrepreneur. George decided to co-found Bellingtons Property Group to be a part of something that is meaningful, impactful and helps others. Not content on letting his clients settle for mediocracy, George is someone that sets goals and helps his clients achieve them.

With family ties in the Marbella area for more than 30 years, George has lived and worked here for many years accumulating invaluable first-hand knowledge and connections that he can pass on to benefit his clients. When asked how George would describe his clientele, he says “My wonderfully diverse clients are great! From finance to tech, elite sport to medicine, working with such a broad range of professionals is so enjoyable”. George has experience when it comes to selling every type of property. Working with first time buyers to luxury homes, he values providing an unparalleled service that he can be proud of.

 What clients appreciate most when working with George is his laid back, low pressured and patient approach with them yet tenacious attitude and commitment on their behalf. George feels strongly that his ability to listen and comprehend his clients demands is what helps him build such strong client relationships.

Sam Bobes Gilroy

As a native Andalusian with a British heritage, Sam is a fluent English and Spanish speaker who has lived his in Marbella for 30 years. Sam has been one of the most influential individuals in the Real Estate sector for the last 8 years, gaining invaluable experience along the way whilst working for several leading brand name agencies before co-founding Bellingtons Property Group.

Sam brings extensive industry experience to the team, allowing him to advise his international clients complete solution to fulfil their needs, whilst streamlining the whole process whether it be buying or selling. He’s obtained a very strong real estate network during his early successful career and prides himself on his excellent local knowledge, setting his clients up for success.

Pelayo Gomez Picó

Pelayo is the co-founder and partner of Bellingtons Property Group. A graduate from Richmond, The American University in London with BSc Honours in Business Management & Finance, Pelayo is highly acquainted with corporate planning, risk management whilst having strong negotiation, communication, and quantitative skills.

He has ample experience dealing with high-net-worth clients while he excelled working for a boutique hedge fund in London, assigned to the derivatives desk where he focused on Options Trading in US markets. With his diverse background, as well as being born and raised in Marbella, Pelayo has brought another dimension to the ethos of the company.

Pelayo speaks three languages: English, German, and his native tongue, Spanish.

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