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The price of free housing rises 4.5% in the third quarter as that of new housing soars by 11%

MADRID, 5 Dic.

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The price of free housing rises 4.5% in the third quarter as that of new housing soars by 11%

MADRID, 5 Dic. (EUROPA PRESS) -

The price of free housing rose 4.5% in the third quarter of the year compared to the same period in 2022, driven, above all, by new construction, which shot up its price by 11%, its highest growth in 16 years, according to the Housing Price Index (IPV) of the National Statistics Institute (INE) published this Tuesday.

With the rebound in the third quarter, nine tenths higher than the previous quarter, the price of free housing has now accumulated 38 quarters of year-on-year increases.

According to Statistics, the price of new housing rose 11% year-on-year in the third quarter of the year, 3.3 points more than in the previous quarter and its highest increase in the last 16 years.

For its part, the price of used housing increased by 3.2% in the third quarter compared to the same period in 2022, a rate three tenths higher than that of the second quarter and the highest since the fourth quarter of 2022.

NAVARRE LEADS THE ANNUAL INCREASE IN PRICES

In the third quarter, all the autonomous communities presented positive annual rates.

Navarra, with a rate of 7.6%, is the autonomous community where the price of free housing has increased the most between the third quarter of 2022 and the same period of this year.

It is followed by the Canary Islands, with an increase of 6.6%; Cantabria (5.9%) and Andalusia (5.8%). The autonomous cities of Ceuta (5.8%) and Melilla (5.9%) also enter the top positions.

For their part, the most moderate year-on-year increases were recorded by Castilla-La Mancha and Extremadura, where prices rose by 1% and 1.1%, respectively, compared to the third quarter of 2022.

PRICES RISE BY 2.5% BETWEEN JULY AND SEPTEMBER

On a quarter-on-quarter basis (third quarter of 2023 over second quarter), house prices shot up 2.5%, their largest quarterly increase since the first quarter of 2022.

By type of home, new home prices increased by 4.1% between July and September, their largest quarterly increase since the third quarter of 2020, while second-hand home prices increased by 2.2%. , the same rate as in the previous quarter.

Housing prices rose between July and September in all the autonomous communities in relation to the previous quarter.

The largest increases occurred in Navarra and the Balearic Islands (3.1%) and the Basque Country and the Canary Islands (3%), while the most moderate increases occurred in Castilla-La Mancha and Extremadura (0.6% in both cases).

Keywords:
INE