5/11/2014 – Expansion
Spanish housing market is at a turning point. Prices have already gone up in six regional capitals, nine provinces and three regions, in the third quarter of 2014, appraiser Tinsa informs. On year-on-year basis, homes depreciated 4.3%.
Precisely, a House Price Index (HPI) for local markets elaborated by the firm called ‘Tinsa IMIE Mercados Locales’, has been reflecting pricing stabilization since the second half of 2013. ‘The 9.3% adjustment registered in the third quarter of 2013 has shrunk to 4.3% year-on-year’, the report states.
In accordace with the company’s estimates, the indice has dipped down by 40.3% since its Q4 2007 peak.
Price development varied in each city, province and region. For example, in six provincial capitals values jumped up in Q3 2014 when compared to the same period of time a year earlier. Namely, house prices rose in Teruel (3.8%), Zaragoza (up 2.1%), Malaga (1.7%), Pontevedra (1.6%), Caceres (0.6%) and Barcelona (0.1%). On the other side of the ranking position Salamanca with further, 15.9% depreciation and Segovia with a 15.1% slump.
While analyzing provincial data, one may easily notice a wide pricing gap. Thus, Segovia, the Autonomous Region of Navarre and Jaen lead in the top y-o-y decline ranking with 14.1%, 13.9% and 13.5%, respectively. In others, values increased by more than 5%, most in La Coruña (up 8.4%), Huesca (5.7%) and Badajoz (5.3%).
Finally, regional scores were even more divergent. In some, like Navarre or Asturias, prices are still heading down, while in others they have already bottomed-out. The two regions show falls of 13.9% and 9.6% respectively, followed by Castille and Leon (down 9.1%), the Canary Islands (7.4%), the Valencian Community (6.8%) and Andalusia (6.2%). Year-on-year rebounds are found only in Extremadura (5.6%), Galicia (up 1.9%) and La Rioja (0.4%).
Original article: Expansión (by M. G. M.)
Translation: AURA REE