Sat. Feb 23rd, 2019

The second-hand housing heats up and registers the highest price increase since 2007 | Economy

The second-hand housing heats up and registers the highest price increase since 2007 | Economy

At the moment, no landing no slowdown. The prices of housing in Spain they continued to warm up during the third quarter of the year and the segment that pulled hardest was that of second-hand properties. According to data from the INE, from notarial deeds, the purchase and sale of housing used between July and September of this year reflect a year-on-year increase of 7.3%. This is the highest rate recorded since the third quarter of 2007, on the threshold of the outbreak of the real estate bubble.

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The somewhat more moderate behavior of new housing, which rose by 6.1%, puts the overall index at 7.2%. It is also the highest figure since 2007, although in this case a similar level was already reached in the fourth quarter of last year and then the increases dimmed again. At the moment, in the intra-annual variation, that is, since it started 2018 until September, the level is similar to that registered in 2017. It will be necessary to wait for the fourth quarter to see if the trend continues or if there is a slight cooling as it happened in previous occasions after a peak of price increase. The statistics of the last three months of the year will also allow knowing if the chaos started in the Supreme Court for the mortgage tax has affected the sales and prices.

The statistics released by the INE this Friday also allows to see the evolution by Autonomous Communities. Again, growth in Madrid and Catalonia stand out, of 10.9% and 9.1% respectively. They are the only two communities, together with the autonomous cities of Ceuta and Melilla, which grew above the Spanish average. But neither is the maximum peak in the last year. This means that the record registered at the national level is due to the fact that prices in the rest of the territories are getting warmer little by little, although with more sustainable increases, while in Madrid and Catalonia they are barely cooled.

Among the rest of the communities, the Balearic Islands is where the annual increase in prices (7%) is closer to the average, followed by La Rioja (6.7%). Those that were far from that average, to register the lowest increases, were Extremadura (2.2%) and Castilla-La Mancha (3.2%). In all the others, the prices increased between 3.9% that marked Murcia and 5.7% of Cantabria and Castilla y León. In eight communities (Aragon, Asturias, Castilla y León, Castilla-La Mancha, Galicia, Murcia, Navarra and La Rioja) the price of housing experienced an interannual growth unknown during the third quarter for more than a decade.


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