House prices in Asturias have reached their highest level since 2012

Oviedo (EFE).- The price of free housing in Asturias increased by 5.3 percent in the third quarter compared to the same period last year to an average of 1,435.8 euros per square meter, the highest value since the end of 2012. According to data released this Thursday by the Ministry of Housing.

Year-on-year, price growth in the community accelerated 2.5 points from the 2.8 percent rate recorded in the second quarter.

On a quarterly basis, free housing prices rose 2.5 percent in the community, down three-tenths from the previous three months.

At the same time, the average price of free housing has reached its highest level since the fourth quarter of 2012, although it is still far from the record of 1,781.5 euros per square meter set in the second quarter of 2008.

By age, vacancies under five years old rose by 0.4 per cent quarterly and 5.6 per cent year on year in the third quarter to an average of €1,723 per square meter, while older properties rose by an average of €1,723. per square meter 2.6 and 5.3 percent respectively, up to 1430.7 euros per square meter.

In turn, subsidized housing rose by 0.3 percent in the quarter and by 0.2 percent last year, to 1,063.5 euros per square meter.

National growth of 6%

Nationwide, the price of free housing rose 6% year on year in the third quarter of the year to reach €1,921 per square meter (m2), an amount that has not been as high since the start of the year. 2009.

With this new increase, home prices are accelerating after rising 4.3% in the first three months of the year and 5.7% in the second quarter of 2024.

In fact, for the first time since the beginning of 2009, the cost of a square meter of free housing exceeds 1,900 euros. Thus, to find such a high amount, we will have to go back to the first three months of that year, when the property value exceeded 1958 euros/m2.

On top of this year-over-year increase, home prices rose 1.3% in the third quarter of this year compared to three months earlier.

Some growth will also occur after 2023, when house prices will rise by 5.3%.

It’s approaching the maximum

Since 1995, when house prices became available for these statistics, the highest value was recorded in the first three months of 2008, when €2,100/m2 was exceeded at the height of the property boom.

The start of 2024 saw the European Central Bank (ECB) raise interest rates to curb inflation, and later, from June, the beginning of the end of a cycle of monetary austerity and rate cuts, which accelerated sales and made financing cheaper.

In addition, there is an imbalance in the market between supply and demand for housing, which leads to rising prices, especially in the most dynamic markets and markets with a large tourist weight.

In the Autonomous Community, the largest price increase in the third quarter of this year occurred in the Balearic Islands (9.9%); Madrid (8.9%); Valencian Community (8.3%) or Cantabria (7.4%).

The most expensive price per square meter in Spain this quarter was in Madrid – 3274 euros, followed by the Balearic Islands – 3208, the only ones where the price exceeded 3000 euros/m2.

In turn, the Basque Country (2,583 euros, up 2.1%) and Catalonia (2,303 euros, up 4.8%) were above 2,000 euros. EFE