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Engel & Völkers Licence Partner Spain > Blog > Property prices grow in Galicia

Property prices grow in Galicia

Engel & Völkers stands as a privileged witness to the increase in property prices in Galicia. This proves the fact that for fourteen consecutive quarters, the price of new and resale properties has not stopped growing.

The market in Galicia

It seems that the years in which the real estate market was struggling are a thing of the past. A franchise like the ones that Engel & Völkers has in cities such as A Coruña, Santiago de Compostela, Vigo and Pontevedra has shown that the boom in the purchase and sale of real estate is once again an ideal sector for investment.
Focusing on the most current data, the price has remained stable throughout 2017. This means there has been an increase of around 2 to 4 per cent compared to 2016 and 2015. This data should by no way be considered as a surprise or a one-off occurrence, since the same national market is experiencing a growth that greatly exceeds that of Galicia. If you take this last quarter of the year and the same period of 2016 into account, growth at national levels remains at more than 6.7 per cent.
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Which properties go up in value the most?

In any of Engel & Völkers' franchises, there is a feeling confirmed by the IPV data that resale homes are the ones that are experiencing the greatest demand from investors and individuals.
The growth of flats for sale and houses that have not been recently constructed has increased by around 6.7 per cent while those that come to market as new-builds remain at 6.5 per cent.
In general terms, this applies to the entire national territory, with Galicia being one of the areas where growth remains below average but still follows the same path as other regions.

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Good time for investment

These figures confirm that this is an ideal time to invest in real estate, since the growth trend in the sector promises to follow the same path marked by the previous years.
Engel & Völkers already is active in the main cities of Galicia by getting investors to comfortably access many first class properties that are for sale. However, the desire of the company is to continue growing, hence the reason there are still two licenses available to open a franchise, one of them being in the city of Ourense and the other in Lugo.
Both of these areas are ideal to take advantage of right now as they benefit from the increase in property prices that have been experienced throughout Galicia.

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