Posted on July 15, 2016 in Property

The European Commission statistical office, Eurostat, reported that according to their latest data, the price of housing in Spain registered a year-on-year increase of 6.3% in the first quarter of the year, which represents its greatest increase since the third quarter of 2007, before the bursting of the Spanish housing bubble as a result of the crisis.

In the fourth quarter of 2015, Spain’s house prices increased by 4.3%, year-on-year, which is two-tenths lower than the year-on-year increase registered in the previous quarter of last year, of 4.5%.

Thus, with the latest data, the Spanish real estate market has accumulated eight consecutive quarters of year-on-year increases in the price of housing, following six consecutive years of market declines.

Quarter-on-quarter, the price of housing in Spain rose by 1.4% in the first quarter, after having remained stable in the last quarter of 2015, and represents the largest quarterly increase in housing prices since the second quarter of last year, when they increased by 4.1%.

El Economista reported that housing prices in the eurozone registered a year-on-year increase of 3% in the first quarter of 2016, which is four tenths higher than the year-on-year increase registered in the fourth quarter of 2015, and its biggest rise since the first quarter of 2008.

Quarter-on-quarter, housing prices in the eurozone increased by  0.4% between January and March, after increasing by 0.1% in the previous quarter.

In the whole of the EU, house prices increased by 4% year-on-year in the first quarter of the year, compared with the 3.6% increase registered in the fourth quarter of last year, while quarter-on-quarter house prices rose by 0.7%, three tenths more than in the previous quarter.

Among the countries for which data were available, the greatest year-on-year increases in housing prices were recorded in Hungary (+15.2%), Austria (+13.4% and Sweden (+12.5%), while Italy and Cyprus both registered price declines of -1.2%.

Compared with the previous quarter, the price of housing rose most in Hungary (+5.2%), followed by Austria (+4.2%) and Romania (+3.3%), while the most notable declines were recorded in Cyprus (-3.4%) and Malta (-2.8%).