House prices on the rise in Spain

HOUSE prices in the second quarter of this year have increased for the first time in six years, according to a report published on Monday by the Instituto Nacional de Estidística (INE).

The annual variation of the property price index (Índice de Precios de Vivienda) increased more than two points in the second quarter of 2014, up to 0.8 per cent, meaning that it is the first positive rise since 2008.

The price indicator of new houses showed an increase of 1.9 per cent, three points higher than the first quarter of this year and the first positive move since the last quarter of 2008.

In contrast, second hand houses rose by 0.2 per cent, the highest increase since the last quarter of 2007.

Looking at this year (2014), the indicator showed a 1.7 per cent positive increase in comparison with the first quarter of the year.

At the beginning of September, the price indicator provided by the website fotocasa.es, which is considered to be more accurate than the INE, indicated that in August the price of second hand houses had increased by 1 per cent, the biggest rise in eight years.

Examining the different regions, prices have increased in Andalucia, Baleares, Cantabria, Cataluña, Galicia, Murcia and the autonomous region of Melilla. In contrast, prices continue to drop in Navarra (6.1 per cent), Extremadura (3.5 per cent) and Ceuta.

 

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