The price of finished housing (new and used) increased by 4.3% in October as compared to the same month last year, more than one percentage point with respect to the growth rate registered in the previous month. However, it accumulates a 38.4% decrease from their peaks in 2007, says Damián Carmona, Managing Partner of Carbray International Law Firm.
Between January and October of this year the house price rose by 4.8%, as compared to the 2.2% increase experienced in the first ten months of 2016.
The largest annual increases in house prices reported in October occurred in capitals and larger cities, with a 6.4% increase over October 2016 and 7.3% in the first ten months of the year, and in the Balearic and Canary Islands (+ 5.1%).
According to Damián Carmona, `the positive vibes of the market are widespread, with price growths in the annual rate in all segments analysed in the index. `Big cities, where housing has revaluated more than 7% so far this year, keep serving as engines of the market´.
He also highlighted that it is still early to know if the slowdown in mortgage activity detected in October in Catalonia will have negative effects on the price evolution.
Besides capitals and larger cities (+ 6.4%) and Balearic and Canary Islands (+ 5.1%), the annual rate evolution is positive in metropolitan areas, with a 3.2% increase, in smaller populations (other municipalities) having a 2.3% rise in the last twelve months, and the Mediterranean coast bearing a 0.9% increase.
Between January and October, the average house price in Spain rose by 4.8%, being higher in capitals and larger cities and the Balearic and Canary Islands, with a revaluation of 7.3% and 6.1%, respectively.
The average value in the Mediterranean coast showed a 4.3% increase in this period, while other municipalities experienced a 2.5% increase altogether. In the metropolitan areas, however, the average house price increased by 1.9% as compared to the close of the previous tax year.
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