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February 6, 2014

Analysis of the value of real estate in Spain

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Analysis of the value of real estate in Spain




The major online real estate portal in Spain Fotocasa published an analysis of the dynamics of property prices in Spain. According to these figures the cost of resale property in Spain in January 2014 fell by 8% compared to January last year. Meanwhile, there are reasonable grounds to believe that the decline in property prices in Spain stopped, as the monthly indicators of prices of real estate in Spain has risen by 0.2 % in the 11 autonomous regions of the country , if we compare the price changes from the previous month of December 2013 . The experts predict a soon stabilization of property prices in the property market in Spain and even the beginning of increasing the cost of apartments and houses in the country.

Total price reduction of resale property in Spain since the beginning of 2007 was thus by 41.3%, when the square meter of the national average costed 2,952 euros. At the moment, this figure is an average of 1,734 euros.

According to the data on the various autonomous regions of Spain, the price increase was from 0.9 % to 0.1%  in 11 of the 17 autonomous regions of Spain . The highest rise in real estate prices was registered in Murcia (0.9 %), the lowest – in La Rioja ( 0.1 %). In Catalonia and Madrid the secondary real estate prices are maintained at the same level as in December 2013. At the same time in 4 regions of Spain, the property prices have decreased, such as in Navarra ( -1.3% ) , Basque Country (-0.4 %) , Canary Islands (-0.3 %) and Castilla y Leon ( -0.2 %).

Since 2007, in nine of the Spanish autonomous regions, the cost of secondary real estate fell by more than 40%.

The market analysis of real estate portal Fotocasa, held in conjunction with the business school IESE, showed that the average cost per square meter, which was established at 1.734 euros has previously increased in July 2013 to 0.7 % , but that was the point phenomenon during the whole picture of prices reduction of resale properties in Spain , as property prices in Spain have not been increased since January 2010, when it happened by 0.6%.




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