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January 3, 2014

Overview of the Spanish property market in 2013

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The sale prices dropped by 7.4 % in 2013 – this was the main conclusion of the year. In a large Internet real estate portal Idealista, cost of real estate has decreased in all the autonomous regions of Spain, but at different values. The most notable decrease occurred in the provinces of La Rioja (14.4%) , Cantabria (11.6%) and Castilla La Mancha (11.4%) . In general, according to official data, in 96.5% of the autonomous regions of Spain the property price fell.

Throughout 2013 the cost of flats and houses in Spain steadily declined as was registered by the official data. Although the decline occurred at different rates, the overall rate is now at 7.4 % for the whole 2013. The cost per square meter was established in 1,734 euros. In addition, the real estate portal Idealista highlighted the fact that the decline in property values occurred in 96.5 % of the analyzed Spanish provinces, almost all over the country with a few exceptions.

The total indicator of 7.4 %, based on data published on the website of real estate, reflects the main trends in the secondary real estate market in Spain – namely, that the cost of apartments and houses declined throughout the year and continues to decline in all the autonomous regions of the country.

Also, sector specialists point to the lack of reliable factors indicating that the value of real estate in Spain reached their lowest levels.

The most notable decrease occurred in the provinces of La Rioja, where during the last 2 months the secondary real estate prices dropped by – 14.4%, followed by the province of Cantabria there the decrease was by – 11.6% and Castilla La Mancha with – 11.4%.

On the opposite end of the scale is the province of Madrid with the decrease of the value on the secondary real estate by -3.9 %. Madrid has become the only province in Spain, where the registered decline in value was less than 7%.

Responsible for the analysis of expert real estate portal Idealista, Fernando Encinar, based on the results of the real estate market analysis, pointed out that “the findings suggest that it is too early to speak about full restoration of the Spanish property market . And the price for real estate is still the main regulatory factor that can balance the existing supply and demand”.

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