Annual Inflation -0.2% in September

Posted by on Oct 27, 2014 in News

The Consumer Price Index (CPI) rose by 0.2% in September compared to August, and increased by three tenths year-on-year, to -0.2%, due to higher prices of electricity, food and non-alcoholic beverages, especially fresh fruits and vegetables, the National Statistics Institute reported on Tuesday, thus confirming the year-on-year data estimates published at the end of last month. The annual inflation figure for September is the first increase to be registered in five months, as this indicator has been recording declines since May. In fact, in the accumulated year the CPI has registered a rate of -0.9%. With the September figure, the annual CPI registered its third consecutive negative rate after those of July (-0.3%) and August (-0.5%) respectively, and is the fifth time in twelve months that prices have shown negative year-on-year rates. Nevertheless, the Government has ruled out the idea that the economy is in deflation.   August 2013 was the last month in which prices registered a more normal rate for the Spanish economy, when the CPI stood at 1.5%. Since then, partly due to the ‘base effect’ of the rise in the VAT rate in 2012, the CPI has taken a significant downturn. Read...

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House Prices Down 4.2% in September

Posted by on Oct 27, 2014 in News

The various organisations’ statistics on housing values inSpain continues to confuse as, over the last week, the Sociedad de Tasación, Tecnocasa or Eurostat have talked about either a stagnation in housing prices or even increases. However, according to the appraisal company Tinsa’s latest IMIE Index, the average price of housing fell by 4.2% in September compared with the same month of 2013, bringing the decline accumulated since the maximum values reached in 2007 to 41.7%. The September decline is one tenth more moderate than that recorded in August (-4.3%) in line with the stabilisation initiated a year ago. In September, the metropolitan areas (populations around large cities) was again the group in Tinsa’s statistical analysis which registered the best price performance, with a fall of just 0.8%. In contrast, the homes in the smaller towns included in the other municipalities group intensified their price decline, falling by 9.2% year-on-year.     House prices fell by 2.9% year-on-year in the Mediterranean coast in September, less than the 3.5% decline registered in the Balearic and Canary Islands, while the capitals and large cities registered a drop of 3.2% compared with a year earlier. The Mediterranean coast remains the area with the greatest price adjustment since the maximum values reached, at 47.3%, followed by the capitals and large cities, which have registered a decline of 44.9% since the peak of the cycle, metropolitan areas (-44%) then other municipalities (-38.2%). The Balearic and Canary Islands, on the other hand, remain the areas where the prices of homes have fallen least since 2007, registering a decline of 32%. Read...

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Q2 Spanish House Prices Up 0.8% YoY

Posted by on Oct 27, 2014 in News

According to a recent press release from the European Union statistical office,Eurostat, the price of housing in Spainrose by 0.8% in the second quarter of 2014 compared to the same period last year, which is well behind countries such as Estonia, Ireland and the UK, where the prices registered increases of 14.5%, 12.5% ​​and 10.2%, respectively. In the same period, prices remained stable in the eurozone countries, and in the whole of the European Union they rose by 1.7%, according to the figures released last week.    Compared with the first quarter of 2014, from April to June housing prices rose by 0.9% in the eurozone and by 1.4% in the EU. Among the countries for which data are available, El Economista reported that the largest decreases registered in the second quarter, compared to the same quarter last year, were in Slovenia (-9.8%), Italy (-4.5%) and Romania (-3.8%).     Quarter-on-quarter (second quarter over the first quarter) the biggest increases were registered in Ireland (6.8%), Lithuania (4.1%), Denmark and the UK (3.9% each), while the greatest declines were recorded in Slovenia (-2.6%), Romania (-1.3%) and Italy (-0.5%). In Spain, the Eurostat figures show that housing prices rose by 1.7% in the quarter from April to June compared to the first quarter of 2014, when a decrease of -0.3% was recorded. Read...

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Homes Sales to Foreign Buyers in Málaga at Highest Level Since 2007

Posted by on Oct 2, 2014 in News

Property on theCosta del Sol is regaining its popularity thanks to foreign demand. In the second quarter of the year, the number of home sales to foreigners in the province reached a level not seen since 2007, before the beginning of the crisis. A total of 2,499 real estate transactions were recorded in Málaga between April and June, where the buyer was a citizen of another country, which is an increase of 30% over the same period in 2013. This figure puts the Málaga province in second place in the national ranking behindAlicante, which registered 4,377 transactions. Within Andalucía, Málaga registered three-quarters of all homes sold to foreign buyers in the second quarter, according to the latest data published by the Ministry of Development, and of all these foreign buyers, 89% were already living in Spain. This increase in foreign demand explains why home sales in the province of Málaga have accelerated at a greater rate than the rest of the country. In the second quarter of this year 6,309 transactions were registered, which is 1,046 more than in the same period of 2013, or an increase of 20%. This is the highest figure for a second quarter since 2010. Foreign buyers represented 39% of the total. Read...

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Government Statistics Show House Prices Still Falling

Posted by on Oct 2, 2014 in News

According to statistics released by the Spanish Ministry of Development last week, home values fell by 2.9% year-on-year in the second quarter of 2014, to a price per square metre of 1,459.3 euros. This is the lowest recorded reduction since 2008, and all indications are that the discounts are coming to an end. The Ministry’s data is in contrast to those published recently by the Property Registrars and the National Statistics Institute, whose reports pointed to the first slight increases in the price of housing in the last seven years. The Ministry’s statistics suggest that quarter-on-quarter (current price of housing compared to the first quarter of the year) the variation was 0.0%. Specifically, according to their figures, the average value per square metre is just 10 cents cheaper than between January and March, when it stood at 1,459.4 euros. Thus, according to the Ministry of Development’s official data, at the end of the second quarter, the price of private housing has accumulated an adjustment of 30.6% since their peak prices reached in early 2008, at the beginning of the crisis.   The average price per square metre of new housing (up to two years old) stood at 1,523.5 euros, representing a variation of -2.8% year-on-year, while second hand homes (more than two years old) registered a decline of 2.9% year-on-year, bringing the cost per square metre to 1,436.7 euros. Read...

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