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Housing prices rise again in annual terms after 6 years of continuously dropping in Spain

The real estate market has stopped its downward trend and has started its recovery in Spain. Housing prices already registered an increase in September of 2013 in quarterly terms, but now the prices grew for the first time in annual terms, a phenomenon not registered for the last 6 years. By the end of June 2014, prices grew by 0.97% compared to June 2013. In quarterly terms, housing prices increased by 1.53% compared to March 2014. Since the start of the economic crisis in 2008, housing prices have plummeted an average of 32% throughout Spain, with prices equivalent to those registered in 2003. In the second quarter of 2014, Catalonia was the Autonomous Community with the second highest number of housing sales, registering 11,980 operations.

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01 September 2014 07:17 PM

by

ACN

Barcelona (ACN).- The real estate market has stopped its downward trend and has started its recovery in Spain, according to figures released on Monday by the Spanish Association of Land and Business  Registrars. Housing prices already posted an increase in quarterly terms in September of 2013, but now the trend is also in annual terms. In the second quarter of 2014, prices had grown for the first time at a Spanish level in relation to last year figures, a phenomenon not registered for the last 6 years. By the end of June 2014, prices had grown by 0.97% compared to June 2013. According to the professional association's report, this figure shows a "change of trend" in the sector. In quarterly terms, housing prices increased by 1.53% compared to March 2014. Since the start of the economic crisis in 2008, housing prices have plummeted an average of 32% throughout Spain. Prices in June 2014 are equivalent to those registered in 2003.


Furthermore, in the second quarter of 2014, Catalonia was the Autonomous Community with the second highest number of housing sales, registering 11,980 operations. The first was Andalusia, with 15,583 sales. The Valencian Country and the region of Madrid came third and fourth respectively, with 11,591 and 10,522 sales.

In the whole of Spain, 78,464 housing units were sold between April and June 2014. This number is 5.49% lower than the sales from the first quarter of the year. However, it is higher than the historical minimum registered in the third quarter of 2013, when only 72,560 sales were registered throughout the entire Spanish market.

In addition, the number of houses and flats bought by foreigners reached a historical maximum in Spain between April and June, with non-Spanish nationals being the buyers in 13.03% of the operations. Among foreigners, the first group of buyers is formed of UK citizens, being behind 15.77% of the purchases by non-Spanish nationals. They are followed by French (10.11%), Russians (8.08%), Germans (7.53%), Belgians (7.26%) and Swedish (5.93%).

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