Housing Prices Fall in Spain
The house price falls 7.4%
The second-hand houses reduced their prices by 9.6% and new, 5%
The prices of private housing fell by 7.4% in the third quarter over the same period in 2010, six points less than the rate recorded in the previous quarter (-6.8%), according to Price Index Housing (IPV) of the National Statistics Institute (INE) published on Thursday. In this way, and are fourteen consecutive quarters in which home prices have negative annual rates. In fact, the 7.4% fall recorded in the third quarter of this year is the third most pronounced of these last fourteen quarters and the highest since the second quarter of 2009 (-7.7%). The price of the housing began to fall in the second quarter of 2008 (-0.3%) and just hit rock bottom in the second quarter of 2009, when it fell 7.7%. In the last three quarters, for all the current year, the price of housing has been deepening its correction, with decreases of 4.1% in the first quarter, from 6.8% in the second and 7.4% in the third. on quarter (third quarter over second quarter), the price of private housing fell by 2.8% versus 1.2% reduction experienced in the second quarter and down 3, 5% for January to March. By type of housing, new housing prices fell in the third quarter by 5% year on year, two tenths above the rate recorded in the previous quarter (-5.2%). On the other hand, the price of the used housing experienced a 9.6% annual reduction, representing a decrease of more than one point to the annual rate recorded in the second quarter (-8.3%). The annual cut in prices experienced in the third quarter is the highest since the second quarter of 2009, when the correction in the price of previously owned homes reached 11.2%. In the full year, the price of private housing has accumulated a 7.3% decline, with decreases of 9.8% in the case of previously owned homes and 5% in new homes.
On year, all regions were down housing prices in the third quarter on an annual and quarterly values.
In particular, the Real Estate price corrections in over-year values were recorded in La Rioja (-11.3%) Catalonia and Cantabria (-10.3% in both cases), Melilla (-9.8%) and Madrid (-8.9%).
In quarterly values, the price of private housing also fell in all communities between July and September, with the largest falls in the Basque Country (-4.1%), Cantabria and Catalonia (4% in both cases).
The statistics published IPV is consistent with the requirements of Eurostat and complements the quarterly published by the Ministry of Housing. Among its objectives is to serve as a point of comparison between Member States in terms of housing prices.
Tags: House , Real Estate , Property , Spain , Housing Prices , Quarter
This work is licensed under a Creative Commons Attribution 3.0 License.