Tue. Jul 16th, 2019

The price of housing rose by 6.7% in 2018, the biggest increase since 2007 | Economy

The price of housing rose by 6.7% in 2018, the biggest increase since 2007 | Economy



The average price of housing in Spain increased by an average of 6.7% at the end of 2018, marking the largest increase since 2007 and linking five consecutive years of increases, according to the housing price index prepared by the National Institute of Housing. Statistics. New housing rose by (6.4%), a little less than the used one (6.8%), which also marks the biggest acceleration since the bursting of the real estate bubble in 2008.

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Between 2008 and 2013, the price of free housing registered annual decreases of different intensity: from 1.5% in 2008, from 6.7% in 2009, from 2% in 2010, from 7.4% in 2011, from 13 , 7% in 2012 and 10.6% in 2013. In 2007, when this index began to be developed, the price of free housing experienced a growth of 9.8%.

It was not until 2014 when the price of free housing returned to positive rates, with an average annual rebound of 0.3%, which in 2015 accelerated to 3.6%, in 2016 to 4.7%, in 2017 up to 6.2% and last year up to 6.6%.

By type of housing, the price of the second-hand increased by 6.8% last year, registering its highest growth since 2007. In the case of new homes, its price advanced an average of 6.4% in 2018, five tenths less than in 2017. In any case, the new construction housing chained five years upward.

Madrid, the biggest rise

By communities, Madrid was the region with the highest average rise in prices, with 10.2%, especially due to the pull of used housing, which increased by 10.9% compared to the previous year. The new one increased by 6.4%. Despite being high, the three figures are lower than those registered the previous year. In Catalonia, the increase in general terms was 8.8%, fairly even between new and used homes and, again, lower than that registered in 2017. Ceuta and Melilla also recorded high increases of 8.5 and 7 , 8%, respectively.

Quarterly data

In the fourth quarter of 2017, the price of free housing increased by 6.6% in relation to the same quarter of 2018, which represents a moderation of six tenths. In this way, there are already 19 consecutive quarters in which house prices have positive interannual rates.

By type of housing, the price of new housing increased by 8% compared to the fourth quarter of 2017, almost two points higher than the previous quarter and its highest increase since the second quarter of 2016. For its part, the The price of used housing increased by 6.4% year-on-year, nine tenths less than in the previous quarter, registering increases since the first quarter of 2014.

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