INE: House Prices Rose By 0.4% In 2014 After 6 Years In Decline

9 March 2015 – Expansión

House prices increased by 1.8% during the fourth quarter of 2014 to record three consecutive quarters of increases, according to the National Institute for Statistics. During 2014 as a whole, prices increased by 0.4% after six years in decline.

Between 2008 and 2013, the price of unsubsidised homes recorded annual decreases of varying magnitudes: -1.5% in 2008, -6.7% in 2009, -2% in 2010, -7.4% in 2011, -13.7% in 2012 and -10.6% in 2013. In 2007, when this index first was first launched, the price of unsubsidised housing recorded a positive growth rate of 9.8%.

By type of housing, the price of second-hand homes increased by 0.1% in 2014 after six years in decline. In the case of new homes, the average price increased by 0.9% in 2014 after five years in decline.

During the fourth quarter of 2014, the price of unsubsidised homes increased by 1.8% with respect to the same quarter in 2013, increasing the year-on-year variation recorded in the third quarter (+0.3%) by 1.5 points.

As such, prices have now experienced positive year-on-year variations for the last three consecutive quarters after six years of year-on-year decreases.

By type of housing, the price of new homes increased by 1.9% compared with the fourth quarter in 2013, increasing the year-on-year variation recorded in the third quarter by more than one point; meanwhile, the price of second-hand homes rose by 1.7%, compared with an increase of just 0.1% in the third quarter.

In terms of the quarter-on-quarter rate (i.e. the fourth quarter 2014 versus the third quarter of the same year), the price of unsubsidised housing increased by 0.2%, whereby completing three consecutive quarters of growth.

Original story: Expansión

Translation: Carmel Drake

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