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November 4, 2016

Madrid, Catalonia and the islands lead in real estate prices in the second quarter

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Madrid, Catalonia and the islands lead in real estate prices in the second quarter

The average price per m2 of real estate in Spain during the second quarter of 2016 increased by 1.3% compared to the previous year to 1,314 euros / m2, largely due to growth in the Canary Islands (7.7%), Madrid (4.9%), the Balearic Islands (3.3%) and Catalonia (2.7%). The housing prices in Spain, meanwhile, fell in eight regions of the country in the period from April to June 2016, among which drops in La Rioja (-34%), Navarra (-20.1%), Castilla y Leon (-12.3%) and Extremadura (-8.8%) are the most significant, according to data published by the General Council of Notaries in Spain.

Therefore, the evolution of the price per m2 of real estate in Spain in the period from April to June 2016 was different depending on national geography. On one hand, the average price per m2 increased by 1.3% to 1,314 euros / m2 in nine autonomous regions, while the other eight provinces continued to record an annual decline. Above average nationwide price are highlighted the indices in the Balearic Islands (2,189 euros / m2), in the Basque Country (2,169 euros / m2) and in Madrid (1,883 euros / m2).

In addition, the Canary Islands (7.7%), Madrid (4.9%), the Balearic Islands (3.3%) and Catalonia (2.7%) recorded the highest rates of growth in property prices in Spain in the period April till June 2016, while the Rioja (-34%), Navarra (-20.1%) and Castilla-Leon (-12.3%) were the first if it comes to the depreciations. Also notable is the decline in the cost of houses and apartments in Valencia (-5.2%).

The data of Spanish Council of Notaries also suggest that this widespread decline in real estate prices in Spain has led to an increase in sales and purchases, since an ​​increase by 12.5% was recorded in the second quarter of this year. At this time, the country map is painted in green, on which only decreases in house prices in Navarra (-22.7%) and La Rioja (-1.6%) are worth mentioning. Among the increases, meanwhile, the most significant were registered in sales of apartments and houses in the Balearic Islands (29.4%), Catalonia (26.4%) and the Canary Islands (20%), despite increases prices.

Moreover, granting mortgage for home purchase in Spain has increased in all regions of the country, with the exception of Navarre, where this index fell by 0.7%. The growth of mortgage lending across the country increased by 26.1%, according to the annual statistics, led by an increase in the Balearic Islands (48.7%) and in Catalonia (45.7%).

The average amount of mortgages issued, meanwhile, rose by 3.5% in annual terms. Despite remarkable fall in Extremadura (-29.1%) and in the Canary Islands (-16.1%), mortgages also showed a significant increase in Madrid (14.6%) and in the Balearic Islands (10, 6%).

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