According to facts from the College of Property Registrars, which calculates the price of homes according to the index obtained from sold homes in the same area of influence home prices could be experiencing their first rise in 5 years.
So, in the third trimester of this year, houses returned to dropping their prices another 5.35%, which means that in aggregate terms, a depreciation of 31.07% has already been accumulated, and they cost the same that they did in the middle of 2003. However, in inter-trimester terms, they experienced an increase of 0.91%, the first in five years.
Nevertheless, The College of Registrars explained last week in a statement that we will have to wait for the results that this statistic launches in the upcoming trimesters in order to verify if it does mean an incipient change in tendency or if it is just a temporary situation.
According to The Spanish Brick, it could be that this number is on the rise, but it is not conclusive of the fact that prices are rising. Not at all. But we do think that in 2014, we will see the smallest fall since the crisis began and asking prices will be more in agreement with what is happening in the market.
Regions with more sales
Experts in the field, consulted by CincoDias newspaper, assure us that this slight turn of the tide in prices is narrowly related to the improvement of sales detected in those regions with more sales, like those with touristic housing and in mature markets like some in the best neighborhoods of the capital, where almost all newly existing homes have already been absorbed and the demand continues for opportunities to acquire properties at interesting prices.
More second-hand homes
It seems evident that something is changing regarding housing prices. “Starting with some inter-annual, two-digit falls, we have changed to having falls of only one number which aren’t excessively elevated,” adds the study presented yesterday.
With regards to demand, the study signals that this fact remained relatively stable, reaching 76,818 sales during the third trimester, which means a 2.06% increase in annual terms. In addition, regarding the second trimester, a drop off of 2.76% was entered into the books.
Number of transactions
In the last twelve months, transactions ascended to 334,867 operations, 55.36% of which were second-hand homes, and 44.64% of which were newly constructed houses. Again, autonomous communities that registered a larger number of sales were those with a larger prominence of second residences, adjoined to Madrid. Andalusia entered a total of 15,782 transactions in the trimester, Catalonia, a total of 12,411, the Valencia Community, 12,205, and the Madrid Community, 9,532.
Sales to foreigners
The sale of properties on the part of foreigners continues being one of the main revitalizing factors of the housing market, which, in the third trimester, represented 12.16% of the total of housing purchases. The British kept first place, with 14.75% of the operations, followed by the French, with 11.45%, Russians, who already are the third most important market, with 9.35%, Belgians, with 7.2%, Germans, with 6.94%, the Swiss, with 5.87%, Norwegians, with 5.15%, and Italians, with 3.64%.