Spanish Home Prices Command First Annual Increase Since 2007Sharon Smyth and Ainhoa Goyeneche
Spanish home prices posted their first annual increase last year since 2007 as the property market recovers from the worst recession in the country’s democratic history.
Prices climbed 1.8 percent in the fourth quarter, from the year-earlier period, and 0.2 percent from the previous three months, according to data compiled by the National Statistics Institute.
More than two years since applying for a European Union rescue of its banking system, Spain has become one of the fastest-growing economies in the euro area as exports surge and investment rebounds. The country is poised to have the highest growth since 2007 this year.
Tinsa, Spain’s largest homes appraiser, said last month that home prices fell 2.7 percent last year, taking the drop since values peaked in 2007 to almost 42 percent.