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December 10, 2015

The most significant increase in real estate prices since 2007

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The residential property in Spain have increased their prices for the fifth consecutive quarter, according to the housing price index from the National Statistics Institute (INE). During the period from July to September this year, houses and apartments rose in price by 4.5% on an annualized basis, that is, the highest growth recorded since the fourth quarter of 2007, when the prices residential property in Spain reached their maximum figures.

The largest increase in the value of residential real estate was registered in the Spanish provinces of Asturias (3.5%) and Extremadura (3.3%), up by 2.6 and 2.4 points, respectively. Meanwhile, the largest annual decline was registered in the Basque Country, in nine tenths to 1%, and in the Community of Valencia, in six tenths to 2.1%.

The housng price index (HPI) of the National Statistics Institute (INE) is calculated on the basis of official data provided by the Spanish notaries and meets the requirements of European statistics agency Eurostat.

By type of property in the period from July to September this year, the price of new homes rose by 4.3% on an annual basis and of second-hand properties – by 4.5% in comparison with the same period 2014, which was its best rate since the third quarter of 2007.

Meanwhile, on a quarterly basis, the housing prices in Spain rose by 0.7%, while prices for new housing increased by 0.6% between the second and third quarters of this year, and the cost of resale real estate increased by 0.7%.

As for the price index of residential properties, Fernando Encinar, the director of the research department of portal Idealist, says that "these data confirm the stabilization of Spanish real estate sector. Although the prices increases registered in some regions of Spain may lead to euphoria, the market situation is such that there are still many areas of the country where demand remains weak. Therefore, it is recommended to consult real estate experts and make a preliminary analysis of the local market."

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