Housing prices rise by 3.1% in the Basque Country and by 5.8% in Navarre in the first quarter of the year

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Navarre is the autonomous community where the price of free housing has increased the most between the first quarter of 2022 and the same period this year. In Spain as a whole, housing has become 3.5% more expensive.

The price of housing in the Basque Country increased by 3.1% in the first quarter of 2023 compared to the same period in 2022. Navarre, with a rate of 5.8%, is the autonomous community where the price of housing has increased the most between the first quarter of 2022 and the same period this year, according to data published this Wednesday by the National Institute of Statistics (INE).

New housing has become 3.8% more expensive in the Basque Autonomous Community, while second-hand housing has increased by 3%. In contrast, new homes have increased in price by 8.9% in the Foral community of Navarra, while second-hand homes have increased by 4.3%.

In Spain as a whole, housing prices have risen by 3.5%, increasing the price of housing in 36 quarters, although it is the lowest increase in two years.

House prices increased in all autonomous communities in the first quarter. Navarre (5.8%), Cantabria (5.6%) and the Canary Islands (5.5%) have experienced the largest increases in house prices, with the smallest in Extremadura (1.1%), Castilla -La Mancha (1.6%) and Murcia (1.7%).

The National Institute of Statistics has carried out the annual revision of the Housing Price Index. The main objective of this index is to measure the evolution of the purchase price of vacant properties purchased by households in Spain, both new and second-hand.

Buying houses collapses

Home sales fell 25.1% in Euskadi and 25% in Navarra in April compared to a year earlier, according to data provided this Wednesday by the General Council of Notaries.

In Spain, the decline was 20.7% in April compared to a year earlier, while mortgage lending for house purchase fell by 31.9% in a context marked by the rise in interest rates and the resulting increase in financing costs.

Source: EITB

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