How will House Prices start in 2024?

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The National Institute of Statistics (INE) has just published the data on the Housing Price Index (IPV) for the third quarter of 2023, which reflects an increase in the annual rate of variation in housing prices: almost one point more than the previous quarter. Will the same trend continue in 2024? Let's find out.

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Housing price evolution
According to the National Institute of Statistics (INE), the annual variation rate of the Housing Price Index (IPV) has increased this quarter to reach the figure of 4.5%, nine tenths more than the previous quarter. To a lesser extent, the quarterly rate has also increased, which presents a variation of 2.5% compared to the second quarter.

By type of housing, the annual rate of new housing has Belgium Email List reached 11% , the highest in the last 16 years, representing an increase of 3.3 points more compared to the second quarter of 2023. Regarding the quarterly rate, The price of new housing rises 4.1% between the third and second quarter of the year.

For its part, second-hand homes present an annual variation of 3.2% , three tenths above the data for the last quarter. Likewise, the quarterly rate for this type of housing has increased by 2.2%.

However, the figures do not seem so alarming if we compare them with the interannual rate , where a decrease of 3.1% has been seen , and we must remember that in 2022 we have just reached the maximum and whopping annual rate figure of the 8.5% in the first quarter of the year.

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So, what predictions are there for house prices in 2024?
According to experts, house prices in 2024 should begin to stabilize, and could even drop to 2% .

Even so, it must be kept in mind that any variation that may occur in the price of housing in 2024 will depend greatly on the situation of interest rates; if they rise or fall, the price of housing will also do so accordingly .

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Variation rates by autonomous communities
All autonomous communities present positive annual and quarterly rates in this third quarter of 2023, that is, housing prices have increased in all communities .



Regarding the annual rate , the largest increases in housing prices compared to last year have occurred in the Foral Community of Navarra (7.6%), the Canary Islands (6.6%) and Cantabria (5.9%). . On the other hand, Castilla La-Mancha (1.0%), Extremadura (1.1%) and La Rioja (1.9%) registered the smallest increases in annual rates.

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Regarding the quarterly rate , the Foral Community of Navarra, the Balearic Islands, the Basque Country and the Canary Islands are the communities with the greatest increases, 3.1% in the first two and 3.0% in the last two. The lowest rates have occurred in Castilla La-Mancha (0.6%), Extremadura (0.6%) and Castilla y León (1.1%).