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Standard & Poor's predicts house price rises in Spain
ThinkSpain , Sunday, August 2, 2015

Ratings agency Standard & Poor's has predicted a 2.5% rise in Spanish house prices in 2015 & 2016, followed by a 4% rise in 2017.

The upswing in prices, says the agency, has been driven by the country's economic recovery, which is gaining momentum all the time, and the low interest rates.

If this recovery is confirmed, house prices in Spain will be on the up for the first time after several years in freefall since the real estate bubble burst.

According to the latest data from S&P, the downward trend ended in 2014, when house prices finally remained stable.

The improvement in economic conditions and the low mortgage interest rates will now drive house prices up in other European countries too.

Within the eurozone, Ireland showed the greatest increase in house prices this year, with 9% growth, followed by Germany (5%), Portugal (4%) and the Netherlands (3%).

All the indications are that the housing markets in Ireland and the Netherlands, which were amongst those most affected by the recession, will maintain this tendency in 2016, with average increases of 5% and 3.5% respectively.

Just as in Spain, house prices in Italy will also end their downwards trend this year, remaining stable rather than showing positive growth.

Only the French and Belgian housing markets will see price drops this year, 3% and 2%, respectively. In the case of Balgium, the downward trend will continue into 2016.

Outside the eurozone, house prices are expected to carry on increasing strongly in the UK this year, with rises of 7% expected, slightly less than the 10% rises seen in 2014.

There is a possibility that the Bank of England will raise interest rates this year and limit subsidies in the upcoming terms to 5% in 2016 and 2.5% in 2017.

House prices in Switzerland are set to see a slight increase this year - 1.5% compared with 0.1% in 2014.

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