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Spanish house prices up for 1st time since crisis

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Spanish house prices up for 1st time since crisis
Photo of Spanish homes: Shutterstock
13:27 CEST+02:00
House prices rose by 0.8 percent in the second quarter of 2014 compared to the same period last year, the first positive sign for Spain's housing market since the economic crisis reared its ugly head at the start of 2008.

According to Spain’s National Statistics Institute (INE), new properties saw an increase of 1.9 percent compared to the previous quarter, whilst used property prices rose by 0.2 percent.

INE posted the 0.8 percent rise of Spain’s House Price Index (IPV) on Monday, a figure the country’s press have noted is the first annual increase since Spain’s housing bubble burst at the start of 2008.

The first quarter of 2014 already reflected the positive change with a price drop of only 8% after the 12.6 percent in 2012 and 14.3 percent in 2013.

Madrid, with +2.7 percent, is the province with the highest annual increase followed by Valencia (2.3 percent), Andalusia, Balearics, Cantabria, Catalonia, Galicia, Murcia and Melilla.

Navarre with -6.1 percent and Extremadura (-3.5 percent) were the two Spanish regions with the biggest drop in prices. 

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