Housing In Spain Rises Less Than In Other Developed Countries
The price of housing in Spain is increasing at rates below the average of the 27 most developed countries of the world as part of a process of change in which the ‘boom’ global real estate has shifted from Western Europe countries East and Asia, according to the report ‘Global housing boom shifts focus’, published on the Web Real estate ‘Global Property Guide’, which looks to international markets from data for the first quarter. The study notes that the boom in the housing market overall is having continuity in 2007, although “at a much slower pace and a different set of countries to which it staged in 2006. In this process, the high increases in house prices are moving from Western European countries to the East and Asia. Among the former is Spain, where more expensive homes have gone from 12% in the first quarter of 2006 to 7.2% in the first three months of the year. It is also the case in France (from 13.6% to 8.7%) Ireland (from 12% to 7.4%) and Greece (15.7% to 7%). On the contrary, the list of the 10 countries with the largest increases occurred in the first quarter of 2007 is headed by Latvia (from 35.6% to 61.9%) and Lithuania (from 25% to 26.3%). The top ten also thicken the three Asian countries, where the increases were significant: the Philippines (from 6.8% to 14.2%), Singapore (from 4.7% to 13.7%) and Korea South (from 5.7% to 11.6%). However, only three declines in property prices during the first quarter occurred in Japan (-1.48%), Thailand (-5%) and Israel (-10.5%).
The report finds that higher interest rates in the European environment, as well as market saturation, have been the trigger of this migration boom housing. However, European countries have seen growth rates moderate price increases have in common five from 2.5% in March 2006 to 3.75% in the same month in 2007, which has even been extended to 4% at the end of the first half. Similarly, the increase in prices in the U.S. increased from 12.7% to 4% after the reference rates were increased from 1% in May 2004 to the current 5.25%. According to a spokesperson of European citizens are any interested in homes in Spain, our country have a quality of life and services that meet their needs. “
