Housing for new construction grew by 3.3% in 2016

Housing for new construction grew by 3.3% in 2016

The price of new housing has grown by 3.3% in 2016, closing for the second consecutive semester with a rise of 1.9% in provincial capitals, placing the average price per square meter at 2,120 euros according to the report of Sociedad de Tasaciones (ST). This is the first rise since 2007.

For the first time in all the capitals, the price has increased. Cities like Barcelona (3,518 euros per square meter), San Sebastián (3,327 euros per square meter) and Madrid (2,966 euros per square meter) lead this increase while cities like Ciudad Real or Badajoz are the capitals with the lowest prices with values less than 1,200 euros square meter.

The most significant increases occurred in Barcelona and Madrid with 3.8% and 2.8% in the last six months, with an annual increase of 4.9% and 6% respectively

The autonomous communities that lead the highest price levels in new housing are: Catalonia (3,164 euros per square meter), Madrid (2,966 euros per square meter) and Basque Country (2,532 euros per square meter)

“In 2016, the stabilization of the sector is consolidated by the favorable evolution of the factors that affect it: the appreciable increase in the number of transactions, the generalized rise of prices, although in a discreet way, the revival of the sale of housing on blueprint, The improvement in accessibility to credit and, finally, an improvement in macroeconomic parameters. If current macroeconomic conditions and forecasts are maintained in 2017, the recovery of the sector is likely to begin with a positive growth cycle, which is smooth in most cases, “said Juan Fernández-Aceytuno, CEO of ST (Sociedad de tasaciones) Valuation Company.

For its part, the Index of Real Estate Effort (shows the number of years of full salary that an average citizen needs to purchase of a dwelling of medium class), maintains its trend and stands at 7.5 years in the last quarter of 2016. Nevertheless, Baleares occupies the first position with 15.8 years as opposed to 4.6 years.

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