Property prices in Spain soar by average of 9.4% with big growth in sales in ‘non-tourist’ areas. CSN News

The National Statistics Institute(INE) published figures on Wednesday showing that the price of a house in Spain increased by 9.4% compared to a month earlier.

The sales of properties in the northern and central parts of the country, which are not dominated with tourist properties, have seen some of the largest percentage increases.

Average prices per m2 came in at €1,843, while sales rose by an average 10.5% year-on-year in February, accounting for 60,154 properties.

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Only the Canary Islands (-2,6%) saw a decline in home sales.

The regions with the highest growth rates were the Basque Country (30.3%), Asturias(27.7%), Extremadura (25.0%), Galicia(21.9%), Castilla y Leon (20.9%), Castile-La Mancha (1.9%), La Rioja (18.0%), Andalucia (11.4%) and Madrid (10.6%).

Catalunya (9.3%), Cantabria (7.4%), Aragon (6.9%), Murcia (6.9%), Navarre (5.5%), the Balearic Islands (5.1%) and the Valencian Community (1.2%), all saw increases below the average national rate.

Across all 17 regions, house prices have risen, with double-digit increases in Madrid (19.2%), La Rioja (8.5%), Murcia ( 16.9%), Castilla La Mancha (16.7%), Extremadura (14.6%), Cantabria (13.7%), the Canary Islands (12.6%), Aragon (10.1%) and Extremadura (14.6%).

Catalunya (9.3%), Andalucia (4.1%), and the Valencian Community (9.5%) also showed increases.

The INE reports that the number of new mortgages increased dramatically in February.

The average national increase was 24,2% over the previous year.

Extremadura (47.1%), Asturias(45.9%), La Rioja (39.5%) La Cantabria (36.5%), Castilla y Leon (35.0%), Murcia (34.8%), Canary Islands (34.1%), Castilla-La Mancha (28.1%) Catalunya (28.9%) and Galicia (25.7%) all recorded significant increases.