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February 28, 2014

Analysis of the Spanish property market in 2013

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Analysis of the Spanish property market in 2013

According to the Ministry of Development of Spain, the real estate in the country continues to fall in price in the past 6 years past. For 2013, this decrease in price was at 4.2 %. Official data also indicate that since the beginning of the economic crisis, namely the beginning of 2007, the overall decline in prices for Spanish property amounted to 27.3%. At the same time, the cost per square meter is currently established at 1.467 euros, the lowest rate since 2004. In the first three months of 2008, the cost per square meter in Spain reached 2.101,4 euros.

The last six years, since 2008, the cost of real estate in Spain is reduced. And 2013 was no exception. Official statistics published by the Ministry of Development of the country says that during the last year, prices of houses and apartments in Spain also declined. Meanwhile, the given price drop was not as significant as in previous years. At the end of 2013 officially registered decline in value of property in Spain was 4.2 %.

According to the Ministry of Development, since 2010 was not recorded such a low drop in prices for Spanish property. Meanwhile, since 2008 real estate has fallen in price by a significant 27.3%. Buying an apartment or a house in Spain, on the Mediterranean coast, has become much more accessible during the economic crisis, which affected Spain. Currently, property prices in Spain are far from exorbitant numbers of the beginning of 2008, when the cost of 1 square meter reached 2.101,4 euro.

Spanish Ministry of Development also published data on the autonomous regions of the country. The most notable drop in prices were recorded in the areas of La Rioja ( -16.4 %) , Castilla-La Mancha and Cantabria ( -12.3 % in both provinces ) , Aragon ( -11.5 %) , Castilla y Leon (-9 , 7 %) and Catalonia (-8 %).

On the opposite side are located the Balearic Islands ( 3.6 %) , Madrid ( 2.1 %) , Galicia ( 0.5 %) and the Canary Islands ( 0.3 %), where there was registered an increase in property prices in 2013 year.

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