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August 8, 2014

Comparative analysis of the Spanish property market

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Comparative analysis of the Spanish property market

Prices in the secondary housing market in Spain fell by 7.5% last year, and the cumulative average drop in property values is of 44% in seven years. According to real estate portal Fotocasa, in 10 regions of Spain were reported falling more than 40% compared with a maximum price, which was reached seven years ago. In July 2014, the price falls in two Spanish regions and rises in five others. At the same time, the real estate is now cheaper in 77% of 368 analyzed Spanish municipalities.

To a lesser extent, but the price of second homes in Spain continues to decline. According to property portal Fotocasa, the prices in July 2014 decreased by 7.5% compared with a year earlier, representing a slowdown compared with the decline registered in July last year, when prices on the secondary real estate fell by 10% year on year. Compared with June 2014, prices fell by 0.9%. La Rioja is the community where housing has fallen in price more than somewhere else, namely by 55%.

The report of Fotocasa emphasizes also that the real average price of existing homes in July was 1,641 euros per square meter, which means that the price per m2 fell by a total of 44.4% since April 2007, when this figure was 2,952 euros per m2. In this regard, the 10 autonomous communities of Spain registered decrease of property values by more than 40% in seven years.

The first place in this ranking occupies the province of La Rioja (-55.1%), followed by Castilla-La Mancha (-49.8%), Aragon (-49.6%), Navarra (-49.4%) Murcia (-48.4%), Catalonia (-47.8%), Valencia (-46.7%), Madrid (-44.7%) and Asturias (- 43%).

Of the 17 regions of the country in July 2014, the average price of second homes rose in five of them: Galicia (1.9%), Catalonia (1.5%), Aragon (1.2%), Basque Country (0.8%) and Castilla y León (0.6%). At the same time, in the 12 regions of Spain property price fell compared with the previous month. The most notable decrease was recorded in Navarre (-2.2%), followed by Castilla-La Mancha (-2.1%), Canary Islands (-1.1%) and Madrid (-1%).

 

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