Spanish House Prices Register Biggest Increase Since 2007 : Torrevieja Property for Sale

Housing prices in Spain climbed by 4% year-on-year in the second quarter of the year, according to the latest House Price Index data published by the National Statistics Institute, which is the largest increase registered since the fourth quarter of 2007, and the fifth consecutive quarterly increase, following six years of declines (2008-2014). Compared to the first quarter of the year, the price of housing rose by 4.2%.

By housing type, new housing prices increased by 4.9% in year-on-year terms, representing its biggest increase since the second quarter of 2008, while the price of second hand homes rose by 3.8% in this period, registering its largest increase since the third quarter of 2007.

Compared with the first quarter of the year, the price of new housing increased by 1.5%, while second hand housing prices rose by 4.6%.

In the second quarter of 2015, all of Spain’s regions registered increases in their housing prices, year-on-year, except for Castilla La Mancha, which maintained a rate of 1.8%. The greatest year-on-year increases were recorded in Cantabria (5.1%) and the Balearic Islands (7.3%), with increases of 5.4 and 4.5 points, respectively, while the regions where prices increased least were Extremadura (up one tenth to 0.9%) and Galicia (up three tenths to 0.8%).

Quarter-on-quarter, all regions recorded positive rates in the second quarter of 2015, with the greatest increases being recorded in Catalonia (5.4%) and Cantabria (5.1%). In contrast, the regions which recorded the lowest quarter-on-quarter rates were Extremadura (1.0%) and the Basque Country (1.7%).

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