Housing price report in 2016 first quarter
The Tinsa IMIE Local Markets index reflects the average price of housing completed in Spain increased 1.4% in the first quarter of 2016 compared to the same period last year. The resulting from the average of the months January, February and March, quarterly index stood at 1,346 points and accumulates two consecutive quarters of positive annual rate.
Catalonia and Madrid are discernible as the two 'locomotive' regions of the recovery in prices in the residential market, with annual increases of 8.2% and 7%, respectively, thanks to boost their capital experienced a few months ago. In the city of Barcelona, the average price increased by 9.2% over the first quarter of 2015. Madrid capital has intensified price growth in the first quarter and has risen by 7.5% in the last twelve months.
For the first time since the onset of the crisis, the number of autonomous regions recorded a growth of prices in the quarter exceeds experiencing declines. After the aforementioned Catalonia and Madrid, the regions with the highest average price appreciation are Balearic Islands (+ 3.8%), Castilla La-Mancha (+ 3.5%), and the Canary Islands (+ 2.4%). This quarter Asturias (+ 2.2%), La Rioja (+ 2.2%) and the Basque Country * (+ 0.4%) are incorporated into the group of autonomous regions with positive price developments on year.
On the side of the falls, communities continue to adjust their prices do with less intensity than in previous quarters. Aragon and Galicia only show year declines of over 3%, 3.5% and 3.1%, respectively.
If the cumulative evolution is analyzed from the peak of the cycle, La Rioja, Aragon and Castilla-La Macha are the three autonomous communities that have experienced a major adjustment since 2007. In La Rioja, the average value fell by 53.1% in the last eight years. Next in intensity setting the Aragonese community, with 51.3%, and Castilla-La Mancha, with 51.2%. At the other extreme, minor price differences compared to 2007 are in Balearic Islands (-28.9%), Extremadura (-31.8%) and Galicia (-34.6%).