Eurostat: House Prices Rose By 6.3% In Q1 2016

13 July 2016 – El Mundo

House prices in Spain rose by 6.3% YoY in Q1 2016, which represents the highest increase since Q3 2007, before the burst of the Spanish real estate bubble, according to the most recent data from the EU’s statistics office, Eurostat.

During the fourth quarter of 2015, house prices in Spain rose by 4.3% YoY, i.e. by two tenths less than the YoY increase of 4.5% recorded in Q3 2015.

In this way, the Spanish real estate market has recorded eight consecutive quarters of YoY rises in terms of house prices, after six consecutive years of price decreases.

Compared to the previous quarter, house prices in Spain rose by 1.4%, after remaining stable during the final quarter of 2015, which represents the highest QoQ increase in real estate prices since the second quarter of last year, when they increased by 4.1%.

Across the Eurozone as a whole, house prices rose by 3% YoY during the first quarter of 2016, in other words, by four tenths more than the YoY increase recorded in Q4 2015 and their highest increase since Q1 2008. In quarterly terms, house prices in the Eurozone rose by 0.4% between January and March, after increasing by 0.1% during the previous quarter.

Across the European Union as a whole, prices rose by 4% YoY, compared with an increase of 3.6% during the fourth quarter, whilst the quarterly increase in house prices across the twenty eight countries amounted to 0.7%, i.e. three tenths more than in the previous three months.

Of the countries for which data was available, the highest YoY house price increases were recorded in Hungary (15.2%), Austria (13.4%) and Sweden (12.5%), whilst price decreases were observed in Italy and Cyprus (-1.2% in both cases).

Compared with the previous quarter, the highest increase in house prices was recorded in Hungary (5.2%), followed by Austria (4.2%) and Romania (3.3%), whilst the most significant price decreases were registered in Cyprus (-3.4%) and Malta (-2.8%).

Original story: El Mundo

Translation: Carmel Drake

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