Ministry of Development: House Prices Rose By 2.7% In Q3

23 November 2017 – ABC

The average price of private housing rose to €1,540/m2 during the third quarter of the year, up by 2.7% compared to the same period in 2016 and by 0.7% compared to the second quarter, according to data from the Ministry of Development.

This is the tenth consecutive quarter of annual house price increases in nominal terms. The increase of 2.7% is the highest since the start of the recovery. In real terms, after discounting inflation, private house prices rose by 1% in YoY terms in the third quarter. Prices have recovered by 5.8% since the minimums recorded during the third quarter of 2014.

Nevertheless, the average price in Q3 was still 26.7% below the maximum peaks reached during the first quarter of 2008.

House prices recorded twenty-six consecutive quarters of decreases in YoY terms from the end of 2008. In real terms, current prices are still 35.5% lower than the peaks of 2008.

The average price of social housing properties amounted to €1,130.80/m2 during the third quarter, up by 2% compared to the same period in 2016.

In QoQ terms, social housing prices fell by 0.3% compared to the second quarter.

Original story: ABC 

Translation: Carmel Drake

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