House prices accelerated to 12.9%

In the 1st quarter of 2022, the House Price Index (HPI) grew by 12.9% year-on-year, up 1.3 percentage points (pp) from the previous quarter. In this period, prices of existing dwellings increased at a higher pace than new dwellings, by 13.6% and 10.9%, respectively.

Compared to the previous quarter, the HPI increased by 3.8% (2.7% in the previous quarter). By category, prices of existing dwellings increased by 4.4%, higher than that of new dwellings (1.8%).

Between January and March, 43,544 dwellings were sold, representing a year-on-year growth rate of 25.8% (17.2% in the previous quarter) and a quarter-on-quarter decrease of 5.1% (reduction of 11.6% in the same quarter of 2021). In the reference quarter, the value of the transacted dwellings reached approximately 8.1 billion euros, 44.4% more than in the same period of 2021.

In the reference quarter, dwellings acquired by Households corresponded to 37,840 units (86.9% of the total), totalling 7.0 billion euros (86.1% of the total). In this period, 5.9% of the total number of transactions (2 556 dwellings) involved buyers with a tax residence outside the National Territory, a percentage that rises to 10.4% if the transacted value is considered.