Spanish Housing Market Shows Signs of Recovery
2 minute read
Reports have indicated another sign of international economic recovery with Spanish house prices rising for the first time in more than six years. Figures would illustrate that the country’s economic recovery is slowly gaining some purpose.
The figures in question show house prices in the second quarter rising 0.8 per cent compared with the same period last year. Importantly, this marks the first year-on-year increase since the first quarter of 2008, heralded a crucial year in Spain’s recent economic history, marking the end of a decade-long housing boom and providing the trigger for the subsequent catastrophic housing bust, banking crisis and the resultant rise in unemployment.
Based on the incredible depth of Spain’s financial crisis, any positive action in the economy was inevitably going to be viewed as significant, but with Spain emerging from recession last year, and recent signs of economic acceleration, the indicators suggest that these latest figures carry with them importance for the Spanish economy.
Since emerging from recession last year, the speed of the economic acceleration has taken analysts aback, proving much faster than expected. The Financial Times reported, “National output in the three months to June rose 0.6 per cent compared with the first quarter this year – one of the biggest leaps in the eurozone.” The news reflects much of the optimism surrounding the economy’s growth on an international scale and the positivity existing in the housing market as a result.
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