Eurostat Notes Greatest Rise in Spain’s House Prices Since 2007

Posted by on Jul 21, 2016 in News

The European Commission statistical office, Eurostat, reported that according to their latest data, the price of housing in Spain registered a year-on-year increase of 6.3% in the first quarter of the year, which represents its greatest increase since the third quarter of 2007, before the bursting of the Spanish housing bubble as a result of the crisis. In the fourth quarter of 2015, Spain’s house prices increased by 4.3%, year-on-year, which is two-tenths lower than the year-on-year increase registered in the previous quarter of last year, of 4.5%. Thus, with the latest data, the Spanish real estate market has accumulated eight consecutive quarters of year-on-year increases in the price of housing, following six consecutive years of market declines. Quarter-on-quarter, the price of housing in Spain rose by 1.4% in the first quarter, after having remained stable in the last quarter of 2015, and represents the largest quarterly increase in housing prices since the second quarter of last year, when they increased by 4.1%. El Economista reported that housing prices in the eurozone registered a year-on-year increase of 3% in the first quarter of 2016, which is four tenths higher than the year-on-year increase registered in the fourth quarter of 2015, and its biggest rise since the first quarter of 2008. Read...

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British Up Their Search for Homes in Spain Following Brexit

Posted by on Jul 21, 2016 in News

Following the unexpected outcome of the recent referendum on whether or not Britain should remain in the European Union, resulting in the ‘Brexit’ or Britain’s departure from the EU, British citizens have been rushing to look for homes in Spain. Lucas Fox International Properties, an independent real estate agency with headquarters in Barcelona, reported that they have registered a significant increase in enquiries from clients in the United Kingdom who are contemplating the option of moving to Spain following the decision of the United Kingdom to leave the European Union. According to Finanzas.com, the property company reported that, within the last two weeks they have received numerous enquiries from British citizens disappointed with the result of the referendum, who are considering moving to Spain, particularly to cities such as Madrid, Barcelona and Valencia, since they offer a greater number of job opportunities and their local economy is recovering quickly. Read more...

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House Prices Grew by 0.8% in Q2

Posted by on Jul 11, 2016 in News

The average price of new and used housing in Spainincreased by 0.8% in the second quarter of 2016, compared to the same period of the previous year, according to provisional data published by property appraisers, Tinsa. Although this increase is more moderate than the 1.4% rise recorded in the first quarter of the year, it represents the third consecutive quarter of year-on-year increases. With these data, since the maximum values registered in 2007, the price of housing in Spain has accumulated a decline of 40.9%. However, Tinsa highlighted the fact that, for the first time since the start of the crisis, year-on-year increases in the average price of housing were registered in Extremadura(1.1%),Valencia (1%) and Castilla y León (0.7%). Catalonia, Madrid and the Canary Islands maintained the positive trend started at the beginning of the year, with their average prices increasing by 6.8%, 5.4% and 3.6%, respectively, in the second quarter. In contrast, Aragón was the region which registered the highest year-on-year decline in their average housing prices, of 5.2%, followed by Murcia (-3.4%), Asturias (-2.7%), Navarra (-2.1%), Cantabria (-1.2%) and Galicia (-1.1%). Read...

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Building Permits for New Homes on the Increase

Posted by on Jul 10, 2016 in News

Recent data published by the Ministry of Public Works indicates that the number of licences authorised for new construction for residential use in Spain reached a total of 21,577 in the first quarter of the year, representing an increase of 42.1% compared to the same period of 2015, when a total of 15,184 permits were granted, and continues the upward trend of the previous two years. Of the total number of licences granted up until the end of April, some 15,843 related to apartments in blocks, representing a year-on-year increase of 45.3%, and 5,730 were for individual family homes, with a year-on-year increase of 34.2%. In addition, there were four permits authorised for other types of buildings not intended for family housing, compared with 11 which were issued in the same period of 2015. El Mundo reported that this increase in the first four months of 2016 follows the recovery registered in 2015, when the number of building permits rose by 42.5%, and the 1.7% increase of 2014, which ended seven consecutive years of declines, reaching a total of 34,873 permits granted. Read...

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Resale Housing Prices Fell by 1.4% in Q2

Posted by on Jul 10, 2016 in News

Second hand house prices in Spain registered a reduction of 1.4% in the second quarter of the year, compared to the previous quarter, to stand at an average of 1,531 euros per square metre. Year-on-year this equates to a decline of 3.1%, according to the latest real estate price index from property portal, idealista.com. Only four of Spain’s regions reported increases in second hand house prices in the second quarter of the year – the Canary and Balearic Islands, Andalucía and Madrid – plus six provinces and 16 capitals registered positive quarter-on-quarter figures. The region to register the greatest increase was the Balearic Islands (+0.7%), followed by Andalucía(+0.2%), Madrid (+0.1%) and the Canary Islands (+0.1%). In all the other regions prices declined, with the largest being that registered for Castilla-La Mancha (-4.8%), followed by Aragón (-2.5%), Murcia (-1.8%) and Extremadura (-1.7%). The Basque Country remains the most expensive region, with the average price per square metre of second hand housing standing at 2,526 euros, followed by Madrid (2,349 euros). In contrast, the three most affordable regions for second hand housing are Castilla-La Mancha (900 euros), Extremadura (931 euros) and Murcia (1,016 euros). Read...

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