House Price Index increased 7.1% in 2016
In 2016, the House Price Index (HPI) increased 7.1% when compared with the previous year. This rate of change was 4 percentage points (p.p.) higher than the rate observed in 2015, with existing dwellings recording an average increase (8.7%) higher than new dwellings (3.3%).
In the fourth quarter of 2016, the HPI rose 7.6% when compared with the same quarter of 2015, the same as in the third quarter of 2016. As it has been the case since the last quarter of 2016, the prices of existing dwellings increased at a higher annual rate than the prices of new dwellings (9.2% and 3.5%, respectively).
On a quarter-to-quarter basis, the HPI increased 1.2% (1.3% in the third quarter).
A total of 127,106 dwellings were transacted in 2016, 18.5% more than in 2015. In 2016, total sales value exceeded the 14.8 billion Euros, which represented an increase of 18.7% when compared to the previous year.
- House Price Index
On a year-on-year basis, the HPI increased 7.1%, an annual rate of change that was more than the double compared to 2015 (3.1%) and the highest available for the HPI series. The prices of existing and new dwellings increased, with the prices of the former type of properties increasing 8.7% and the latter 3.3%.
In the last three months of 2016, and when compared with the same quarter of 2015, the HPI increased 7.6%, the same value that was observed in the previous quarter. This rate of price change was essentially driven by the prices of existing dwellings, which grew 9.2% when compared with the last quarter of 2015 (new dwellings increased 3.5%).
On a quarter-to-quarter basis, the HPI increased 1.2%, 0.1 p.p. lower than in the previous quarter. This was the seventh consecutive quarterly in which the HPI records quarterly price increases. By category, the prices of existing dwellings increased 1.2%, almost the same as for new dwellings (1%).