This increase in interest rates and therefore Euribor, the main reference for variable rate mortgages, started to impress last year. living place. In the fourth quarter, free housing prices increased by 5.5 percent compared to the same period of the previous year, The lowest increase since the third quarter of 2021 and registered 0.8% decrease compared to July-September periodwell First negative rate since end of 2020. An exercise marked by restrictive measures due to the pandemic.
In any case, housing prices increased by 7.4% on average throughout the year, ninth consecutive annual rally and its biggest increase since 2007When the price rose 9.8%, according to the House Price Index (IPV) released this Wednesday by the National Institute of Statistics (INE). The increase in 2022 doubles the increase in 2021 (+3.7%) and both Acceleration in second-hand housing and new flat prices.
new and used
Thus, new housing prices rose on average 7.9% In 2022, this is its biggest rise since 2007, when it rose 11.9%. Along with last year’s increase, the new home price is accumulating nine years of increases. On the other hand, second-hand house prices increased by 7.3% in 2022, It’s double that in 2021 and its biggest increase since 2007, when it grew 8.2%. In this way, used housing also accumulates nine-year increases.
The slowdown in the fourth quarter affected both housing types, with the effect of rate increases that caused new fixed rate housing loans to reach the highest rate in all history last year. The price of the new one increased by 6.2% compared to the fourth quarter of 2021, up nine-tenths from the third quarter. Second-hand house prices, on the other hand, increased by 5.3% on an annual basis and became 2.5 points lower than in the previous quarter.
Inter-year rate of free housing prices in the October-December period supervised in all autonomous communitiesExcept for the Canary Islands, where it remained at 8.1%, and Navarra, where it rose to four-tenths to 7.2%. The largest decreases in the inter-year rate occurred in Extremadura (-3.7 points), Basque Country (-2.9 points), Madrid (-2.7 points) and La Rioja (-2.7 points).
Highest annual rallies
At the end of 2022, the communities that showed the biggest year-over-year increase in free housing prices were: Cantabria (+8.6%) and Canary Islands (+8.1%) and the autonomous cities of Ceuta and Melilla (+8% in both cases). Catalonia It took place in the lower band with an increase of 5.5%. By contrast, the most moderate price increases were in Extremadura (+2.8%), Castilla-La Mancha (+4%) and Castilla y León (+4.1%).
Compared to the previous quarter, the price of new housing increased by 1.9 percent, while the price of second-hand housing fell by 1.4 percent, the biggest drop since the first quarter of 2013.
Housing prices fell in the fourth quarter of 2022 compared to the third quarter in 14 autonomous communities and Navarra (+0.7%), the Canary Islands (+0.5%) and Cantabria (+0.3%), as well as Ceuta (+1.8%) and Melilla (+0.7%). La Rioja was the region where prices fell the most in the quarter (-1.9%), followed by Castilla-La Mancha and País Vasco, where prices fell 1.6% between October and December 2022. Those that recorded the biggest declines of -1.2%.