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May 14, 2014

Price of property in Spain in April 2014

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Price of property in Spain in April 2014

According to data published by online portal Fotocasa, secondary real estate prices dropped by 5.5% in April 2014 in 73 % of 376 Spanish municipalities, analyzed by the portal. Thus, the average price of resale property in Spain fell by 42.1 % of the maximum value is reached in April 2007 . In the 10 autonomous regions of the country real estate price has fallen more than 40% over the past six years. For example, in La Rioja overall decline in property values was during the 6 years  -53.2 % , -48.3 % in Navarre , Aragon – 48.1%, in Catalonia -47%  , in Castilla La Mancha -46, 1% , in Murcia -45.2 %, Valencia -44.3 % , in Madrid -42.1 %.

Property in Spain continues to fall in price, but at a slow pace. According to the website of the real estate Fotocasa, the average price of a resale property in April 2014 amounted to 1,710 euros per m2 and registered a decline of 5.5 % compared with a year earlier and 0.1% compared with the previous month . Cost reduction in April 2014 is a slowdown compared with April last year , when housing prices in Spain fell by 11.5%. In fact , the annual decrease in property values in this month ( -5.5% ) is the mildest since May 2011 .

Of the 17 autonomous communities of the country, the average price of second homes in Spain in April rose in Andalusia ( + 1.6%) , Canary Islands ( 0.5 %) , Castilla y Leon (+0.4 %) , Castilla-La Mancha ( 0.3 %) and the Balearic Islands ( 0.1 %).

At the same time , in the 12 autonomous regions of Spain in April 2014 property prices dropped , and the sharpest decline was recorded in Catalonia (-4%) , followed by La Rioja (-1.6 %) , Navarra (-0.9 %) and Aragon (-0.8 %). Milder declines were registered in Galicia (-0.1%) and Madrid (-0.2%) .

As for the high real estate prices , the Basque Country is still the most expensive region in Spain, with an average price of 2.938 € per m2 , in second place is – Madrid with 2,297 euros per m2 and closes the top three – Catalonia with 2.050 € per m2 .

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