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June 15, 2016

New properties in Spain become cheaper

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New properties in Spain become cheaper

The General Council of Notaries of Spain has published statistics showing that prices of residential housing in the country fell in April 2016 by 5.1% according to annual data, and therefore, was settled at 1,241 euros per m2. This decrease has been due both to the drop in prices of single-family homes and of apartments in Spain. In addition, the types of real estate, new objects became cheaper by 23.4% year on year, while prices of second-hand objects fell only by 2.5%. Meanwhile, both sales of residential real estate in Spain, and the issuance of mortgage loans closed April 2016 with the positive indicators.

In particular, in April 2016, the average price of residential property in Spain fell by 5.1% to the value of 1,241 euros per m2. This reduction in prices was due to both the decline in prices of single-family homes (1.6% annually) and of apartments (5.9% annually). By type of apartments in Spain, the second-hand objects cheapened by 2.5% over the previous year, and now the cost has become about 1,366 euros per m2, while a m2 in a new apartment in Spain will cost now about 1,665 euros.

But not all official statistics presented were negative. In fact, the sale of residential properties in Spain registered an increase of 16.2% year on year, even reaching a 18.9% growth if seasonally adjusts are done, which marked 39.461 closed transactions.

By type of real estate, the sale of apartments in Spain showed its most significant annual growth, i.e. by 15.6%, mainly due to the sale of second-hand objects (an annual increase by 19.1 %), as new apartments in Spain recorded an annual decline in sales by 9.7%. On the other hand, sales of single-family homes increased by 18.6%.

With regard to mortgage loans, here we can talk about an annual increase by 38.3% in April 2016 to about 18,733 new issued loans. However, it is important to keep in mind that the average amount was reduced by 4.9% in annual terms, i.e., up to 120,125 euros.

Finally, the percentage of residential property in Spain acquired and financed by mortgage loans amounted to 47.5% in April 2016. In addition, the average loan amount supposed 78.2% of the funds necessary for the purchase.

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