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Spain's housing prices rise by 3.1 pct in 2015

Xinhua, March 9, 2016 Adjust font size:

Spanish housing prices rose by 3.1 percent on average in 2015 according to data published on Wednesday by Spain's Statistical Office (INE).

The figure is the biggest rise since 2007, when prices rose by 9.8 percent on average just before the housing bubble burst in Spain triggering the financial crisis. It is also the second rise since then, after housing prices increased by 0.3 percent in 2014.

The INE reported that prices of new houses rose by 4.2 percent on average, which meant the biggest rise since 2008, and prices of second-hand houses rose by 2.9 percent, the biggest rise since 2007.

The INE said that in the fourth quarter of the year housing prices rose by 4.2 percent in comparison with the same period in 2014, as a result, they have been increasing for seven consecutive quarters.

Prices of new houses rose by 5.8 percent in the last quarter in 2015 year-on-year, while prices of second-hand houses rose by 4 percent. Spain's housing prices started falling in the second quarter in 2008 when the financial crisis started and they rose for the first time in the second quarter in 2014 after 24 months of falls. Endit