According to statistics published in "The Economist" recently, house prices in Spain have risen more rapidly than in any other industrialised economy by an incredible 121% over the last seven years. The only exception to Spain’s lead in this price hike was Ireland, where the average cost of houses has increased by a staggering 174% in the same time period. Behind Spain comes the UK up 116%, Australia up 113%, and then dropping to a comparatively small 75% increase for Holland, which finds itself a long way behind in fifth place. At the other end of the scale comes Japan, where prices have fallen by 22%, and Germany, which has stayed the most level market, with only a 3% drop since 1997.
Over the last 12 months house prices in Spain rose by 17.3%, slightly less rapidly than in New Zealand, which saw a 22.8% rise and Australia with 17.9%, but still by far the steepest rise in Europe. According to statistics published by the Technological Institute of Building earlier last month, real estate costs in southern Spain are, on average, a staggering 1,092 euros per square metre, with some areas, such as Malaga, reaching figures of up to 2,000 per square metre for new builds.
Source: 123 Property News
