The price of housing rose 8.1% in the third quarter of this year compared to the same period in 2023. In year-on-year terms, the increase is three tenths higher than that of the previous quarter and the highest since the first quarter of 2022, when it increased by 8.5%. The data are from the Housing Price Index (IPV) published today by the National Institute of Statistics (INE).
So things are, prices continue in the upward trend that started more than ten years ago, in 2014, when the truce that followed the real estate disaster of the 2008 crisis ended. It must be remembered that in mid-summer new construction exceeded 2,930 euros, something that had not happened since 2007. History repeats itself, but This time the problem is not a bubble, but a shortage of supply.
The boom in July-September is explained by second-hand housing, which became more expensive by 7.9% compared to July-September 2023, an increase of 0.6 points compared to that registered in the previous quarter.
The price of new housing, for its part, increased by 9.8% year-on-year, a rate that is 1.4 points lower than that of the previous quarter.
By autonomous communities, The biggest increases occurred in the Foral Community of Navarra (10.7%), Andalusia (10.6%) and Aragon (10.3%). And the smallest, in the Balearic Islands (5.8%), Catalonia (6.8%), Principality of Asturias and Castilla-La Mancha (both 6.9%). All closed the quarter with price increases.
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