Housing prices rise in Catalonia for the first time since June 2010
Housing prices increased by 0.8% in Catalonia during the third quarter of 2013, which is the first quarterly increase in the last three years. However, despite the positive figures, in annual terms prices at the end of September were 8.1% lower than those registered 12 months ago, due to the price falls registered in the second half of 2012 and the first 6 months of 2013. Between July and September 2013, prices of newly-built flats and houses in Catalonia rose by 5.7%, while those of second-hand housing were still decreasing (-0.3%). However, overall figures suggest that the real estate market may have reached the bottom and that its recovery might be about to start. In the whole of Spain, housing prices rose by 0.7% in the third quarter of 2013.
Barcelona (ACN).- Housing prices increased by 0.8% in Catalonia during the third quarter of 2013, which is the first quarterly increase in the last three years, according to data released on Monday by the Spanish Statistics Institute (INE) based on the Housing Price Index (IPV). However, despite the positive quarterly figures, in annual terms the data still posts negative results. Prices at the end of September were 8.1% lower than those registered 12 months ago due to the price falls registered in the second half of 2012 and the first 6 months of 2013. Between July and September 2013, prices of newly-built flats and houses in Catalonia rose by 5.7%, while those of second-hand housing were still decreasing (-0.3%). However, overall figures suggest that the real estate market may have reached the bottom and that its recovery might be about to start. Data from the October-December period will confirm whether the third quarter of 2013 has been a turning point.
In the whole of Spain, housing prices rose by 0.7% in the third quarter of 2013. Regarding annual figures, Spanish market’s prices dropped by 7.9% between October 2012 and September 2013.
Housing prices in Catalonia increased by 0.8% between July and September 2013, which is the first quarterly increase since June 2010. Since then, the IPV has shown negative figures. The worst result of this period was registered in the first quarter of 2013: a 7.3% drop. In addition, particularly bad figures were posted in the last quarter of 2011 and the third quarter of 2012, with a 5% quarterly drop in both cases, and in the first quarter of 2012 (-4.9%).
Regarding the type of housing, newly-built flats and houses in Catalonia increased their prices by 5.7% between July and September. However, in annual terms, they dropped by 6.8%. Second-hand housing has still not posted positive results, although its prices only fell by 0.3% in the third quarter of 2013. In the last 12 months, they dropped by 8.5%.