House prices rose by 4.5% in the third quarter, driven by newly built apartments

Housing prices continue to rise. In the third quarter of the year, in the summer, it rose 4.5% compared to the same period in 2022, driven primarily by new construction, which increased its price by 11%, its highest increase in 16 years. Housing Price Index (IPV) published by the National Institute of Statistics (INE).

Up nine-tenths from the previous quarter from June to September, freehold house prices have now amassed 38 quarters of year-over-year increases, more than three years in a row, since the pandemic.

This was driven primarily by growth in new home prices, which rose 11% quarter-on-quarter, up 3.3 percentage points from the previous quarter.

Meanwhile, pre-owned apartments and houses rose 3.2% year-over-year in the third quarter of 2022, up three-tenths from the second quarter and the highest rate in 2023.

All areas are growing

Price increases occur in all autonomous communities. The biggest year-on-year increases were seen in the Foral Community of Navarre (7.6%), the Canary Islands (6.6%) and Cantabria (5.9%).

Meanwhile, Castilla La-Mancha (1%), Extremadura (1.1%) and La Rioja (1.9%) correspond to the weakest.

The increase in IPV in Madrid is 4.1%, behind the Balearic Islands, which remains at 4.5%. Meanwhile, the increase in prices of apartments and houses in Catalonia and Euskadi is 3.8%, and in the community of Valencia 5.1%.

Fewer seizures

INE also published data on mortgage default claims this Tuesday, in a context where credit price growth in Spain was faster than in other major European economies.

Although Euribor reached 4%, the number of mortgage loan initiations in the property register in the third quarter of 2023 is 3,308, which is 38.6% less between March and June and 20.9% less than in the summer. 2022 year.

Of the foreclosed homes, 1,721 are owner-occupied (down 16.5% from the same quarter in 2022) and 368 are not owner-occupied (down 25.6% from a year ago).

INE enforces mortgage foreclosures. In houses, they made up 69.7% of the total. And 52% of this indicator is the usual residence of individuals. is 1,721, down 16.5% from Q3 2022.

On the other hand, 6.6% of enforcements correspond to legal entities or companies. Another 11% correspond to homes that are not primary residences.

The statistics also include violations of property seized on buildings, garages, offices, warehouses or warehouses, which was 22.7% of the total.

Source: El Diario

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