A look at the current situation of the Balearic Real Estate market
Recently published data confirm that housing activity has reawakened and that prices are moving at a rate of 6.3%, two points higher than the end of 2015, which is the highest rate since 2007.
Yet prices housing 29% below their highs remain. In terms of volume of activity is concerned, during the first quarter have sold 29% more homes than a year ago, despite this, and taking into account the full year, sales are about half that when the market she was at its peak. Given the above, no risk of a housing bubble is expected, persisting also a high level of used and new construction housing stock for sale on the Mediterranean coast. As for the price increase is concerned, the cost of houses increased by 6.3% in the first quarter year on year, its biggest increase since the third quarter of 2007, when the price rose 9.2% according to the National Statistics Institute (INE).
Balearics leads the rise in prices since the national minimum recorded in the first quarter of 2014, up 11% .The overall price increase between January and March extended by more than two points on-year rise in the fourth quarter of 2015 (+4 ,2%). Thus, there are now eight consecutive quarters in which housing prices have positive annual rates. As for the type of housing, the price of new housing rose 6.1% compared to the first quarter of 2015, its biggest gain since the first quarter of 2008, while the price of used homes increased by 6 , 4%, recording its strongest growth since the third quarter of 2007. On quarterly rate (first quarter 2016 over fourth quarter 2015), the price of private housing increased by 1.5%. By type of housing, the price of new housing between January and March increased 2.6% quarter on quarter, while the price of used housing experienced a quarterly increase of 1.3%, in contrast to the cut of 0 , 3% in the previous quarter.
Housing sales 29% in April shot up from the same month last year, the biggest rise since August 2010, to the 35,199 registered operations, the highest figure recorded since February 2013. In fact, transactions housing have grown in 19 of the last 20 months, according to data released today by the National Statistics Institute , which confirms the good health of the housing market and shows that after the crisis the sector has returned to normal life.
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