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March 6, 2014

Analysis of Spain Real Estate Market in February 2014

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Analysis  of Spain Real Estate Market in February 2014

The major online real estate portal Fotocasa published an analysis of the construction market and the cost of property in Spain in February 2014. Dynamics of prices for houses and apartments in Spain remains unchanged, that is continuing to decline. In February 2014 a property in Spain has become 8% cheaper than a year ago. According to a monthly average, compared with January 2014 property became cheaper by 0.4 % in February 2014. Thus, the overall decline in property prices in Spain since the beginning of 2007 was 41.5 %, and the cost per square meter is reduced from 2,952 euros to 1,726 euros, which is 8.1 % less than in the past 2013. Although more sustained pace, but the decline in value of real estate in Spain continues. In 283 of the 371 analyzed Spanish provinces was recorded fall in property prices .

At the same time, in the 10 Spanish autonomous regions, the general decline in the cost of housing has accounted for more than 40%.

By the end of February 2014 only in 3 autonomous regions of Spain was recorded rise in house prices , namely the Canary and Balearic Islands and Castilla-La Mancha . More than just real estate has fallen in price in the province of La Rioja ( -52.5 %) , Navarra ( -47.3 %) , Aragon ( -47.2 %) , Castilla-La Mancha ( -46% ) , Murcia ( -45 , 1 %) , Catalunya ( -44.2 ) , Comunidad Valenciana ( -43.8 %) , Andalusia ( -41.2 %) , Madrid ( -41.1 ) and Astiruas (-40 %).

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