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July 22, 2016

Residential real estate in Spain registered the biggest increase of prices since 2007

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The price of residential property in Spain grew by 6.3% in the first quarter of this year compared with the same period last year, representing the highest growth since the third quarter of 2007, according to Eurostat, the statistics office of the EU. At the same time, in the area of ​​the single currency euro, the price of new and second hand houses and apartments rose exactly half, namely by 3%.

Meanwhile, according to official data, Spain is inside the group of European countries with the highest annual growth in property prices recorded in the period from January to March 2016. Hungary is located at the head of this rating, where the price of residential property increased by 15.2%; Austria follows it with an increase of 13.4%; Sweden is third with an increase of 12.5%; then goes UK, with 8%; Iceland, with 7.9%; Ireland, with 7.4% and Portugal with 6.9%.

Furthermore, the residential properties in the euro area increased their price by 3%, which is less than half that in Spain, but in the whole European Union the average prices increased by 4%. Only EU countries such as Italy and Cyprus recorded a decrease of real estate prices by 1.2%.

In the case of Spain, statistics published by the Eurostat agency show that residential properties in Spain recorded the highest growth since the third quarter of 2007, when their prices rose by 9.2%. Since then, the increase in prices of residential real estate in Spain was insignificant to the point when it recorded a marked decline in the third quarter of 2012, i.e. by -16.1%, the fact that also show the official Eurostat statistics.

Compared to the previous quarter (i.e., with the fourth quarter of 2015), the housing prices in Spain rose by 1.4%. At the same time, new and second hand houses and apartments in the area of ​​the single currency euro increased their prices by 0.4%, and real estate objects that are situated in the territory of the European Union- by 0.7%.

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