Apartment prices are slowing down in the first quarter of this year

He House prices rose 6% year-on-year in March 2023 in Spain, slowing growth and remaining stable compared to data for the month of February, according to the Tinsa IMIE index of general and large markets.

In quarterly figures, the price of housing in the first three months of 2023 was 6.4% higher than the previous year, despite the fact that the year-on-year growth rate recorded a “gradual slowdown” in all Spanish regions.

“Decreasing purchasing power of households, increasing financing costs and tightening Criteria for credit approval moderate demand», pointed out the director of Tinsa Research Service, Cristina Arias, explaining the moderation of prices.

By region, metropolitan areas and capitals and major cities recorded the largest increases in March 2023, with prices 8.2% and 6.1% higher than the previous year, respectively.

As happened with the general index, the year-on-year price variation in these regions has been contained due to the stagnation recorded in recent months, from the monthly variation in March was less than 0.2% both in urban areas and in capitals and large cities.

Smaller municipalities (+5.1%), islands (+4%) and cities on the Mediterranean coast (+2.7%) lagged behind in year-on-year price growth. In the latter region, house prices fell by 0.6% in March compared to the previous month.