Rental Increases Two Times Less Than the CPI
January 17th, 2012
Property rental prices rose 0.8% in December, which was two times less than the overall Consumer Price Index rate, which stood at 2.4%, according to data released on Friday by the National Statistics Institute. This decline is the most pronounced of the year, which began with an increase of 1.2% in January. This growth rate was maintained during the first quarter, while the second quarter saw an increase of 1.1%, before falling by 1% in the third quarter. The slowdown was more pronounced in the months of October and November, with only slight increases of 0.9%.
By region, the greatest rises in rental prices were located in the Basque Country (+1.7%), Cataluña (+1.2%), Asturias (+1.2%) and Galicia, Castilla y Leon and Castilla-La Mancha all with increases of 1.1%. These were followed by Andalucia and Cantabria, both with increases of 1%, and then the Canary Islands and Melilla, who saw increases slightly above the national average, of 0.9%.
Below the national average, completing the list were the Balearic Islands (0.7%), Aragon (+0.6%), Extremadura (+0.6%), La Rioja (+0.5%), Valencia (+0.5%), Madrid (+0.4%) and Ceuta (0.2%). The only regions which recorded decreases were Navarra (-0.2%) and Murcia (-0.5%).
In the section on housing maintenance costs, however, Diario Sur reported that prices rose 1.4% year-on-year, but was still two percentage points lower than the overall index, and remained stable for the month of November.
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