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House prices decelerated to 8.7%
House Price Index
House prices decelerated to 8.7% - 1st Quarter 2023
22 June 2023


In the 1st quarter of 2023, the House Price Index (HPI) rose by 8.7% year-on-year, 2.6 percentage points (pp) lower than that recorded in the previous quarter. In this period, existing dwellings recorded a rate of change in prices of 9.7%, higher than that of new dwellings (5.7%).

Compared to the previous quarter, the HPI increased by 1.3% (1.1% in the previous quarter). The price growth of existing dwellings was higher than that of new dwellings, 1.6% and 0.5% respectively.

Between January and March 2023, 34,493 houses were sold, corresponding to a year-on-year rate of change of -20.8% (-16.0% in the previous quarter) and a quarter-on-quarter reduction of 10.5%. In the reference quarter, the value of the transacted dwellings was 6.9 billion euros, down by 15.2% compared to the same period of 2022.

In the 1st quarter of 2023, acquisitions of dwellings by Households corresponded to 29,280 units (84.9% of the total), totalling 5.8 billion euros (83.9% of the total). In this period, 7.2% of the dwellings transacted (2,492 units) were acquired by purchasers with a tax residence outside the National Territory, a percentage that rises to 12.7% if the transacted value is considered.

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