New home prices in Spain rise by most since 2007

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Spanish property prices rose 4.5% from a year earlier in the third quarter, led by the highest increase in new home prices in 16 years, official data from the country's National Statistics Institute (INE) showed on Tuesday. New home prices in the quarter were up 11% compared with the same period a year ago due to low supply, high demand from foreign buyers and an increase in costs due to inflation. Second-hand home prices were up 3.2% versus last year.