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    Spain: Housing Price Index for the first and second quarters of 2008

 

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Spain: Housing Price Index for the first and second quarters of 2008
08/10/2008 - 11:24

− The annual variation rate of the HPI for the first quarter of 2008 stands at 2.8%.
− In the second quarter of 2008, the annual variation rate of the HPI decreases more than three points, down to -0.3%.
− The quarterly variation rates for the first two quarters stand at -0.4% and -0.3%, respectively.
− New housing registers a decrease of almost two points in its annual rate between the first quarter and the second, dropping from 7.2% to 5.3%. On the other hand, the interannual variation of second-hand housing decreases more than four points, from -0.7% in the first quarter, to -4.9% in the second.

The interannual rate of the general Housing Price Index (HPI) in the second quarter of 2008 decreased somewhat more than three points, going from 2.8% in the first quarter of 2008 to - 0.3%, thereby standing at negative levels.
By type of housing, the greatest decrease corresponded to second-hand housing, whose annual rate went from -0.7% in the first quarter to -4.9% in the second. New housing also decreased, from a 7.2% annual variation in the first quarter of 2008 to 5.3% in the second.

In the last year-and-a-half, the annual rate of the HPI decreased more than 13 points, from 13.1% in the first quarter of 2007 to -0.3% in the second quarter of 2008. This decrease was more significant in second-hand housing, which went from a rate of 13.0% in the first quarter of 2007 to -4.9% in the last quarter. For new housing, the descending trend was less pronounced, in such a way that it registered positive values throughout the period considered (from 13.3% in the first quarter of 2007 to 5.3%).

Results by Autonomous Community
The highest interannual variation rates of the HPI in the second quarter of 2008 were observed in Extremadura (with a rate of 5.0%), Galicia (4.8%) and Murcia (4.6%). In turn, Cataluña (-5.2%), Comunidad de Madrid (-4.8%), País Vasco (-1.2%) and Aragón (- 0.2%) presented negative annual rates.

PDF: Housing Price Index (HPI). First and second quarters of 2008
(Spanish National Statistics Institute )
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