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Spain house price slump slows in Q2

Source: Reuters - Fri 13th Sep 2013
Spain house price slump slows in Q2

Spanish house prices fell 0.8% in Q2 from a quarter earlier, official data showed on Friday, the smallest drop since Q4 2010 and a sign the 5-year property bust may be turning a corner.

National housing prices have risen only once on a quarterly basis since Q3 of 2007 after the sudden end of a decade-long property boom spun Spain's economy into a deep recession from which it is only just starting to emerge.

On an annual basis, housing prices fell 12%, the lowest drop since the end of 2011, the Statistics Institute said.

"I think we're likely to see further price falls, but it does seem we're starting to see some stabilization," said Nicolas Lopez, analyst at Madrid brokerage M&G Valores.

"I don't think prices are going to rise again soon, as we've seen in Britain, because here we still have an enormous stock overhang. For every person buying, there's ten selling. Prices will remain stable for 3 or 4 years until that balance returns."

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