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March 12, 2014

Price of property in Spain in February 2014

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Price of property in Spain in February 2014

Despite increasingly appears of forecasts for quick stabilization of the real estate market in Spain and even of imminent increase in prices for Spanish property, until now these assumptions do not receive the necessary practical evidence. In particular, in February 2014 the real estate in Spain fell by 7.6% , according to official data from the National Agency of Assessment “Tinsa”. This trend in the property market in Spain has been succeeding for over 6 years, namely since December 2007.

On the Mediterranean coast of Spain, the overall decline in real estate prices is nearly 50 %, while in other areas of the country this figure is about 40.5%. In the interannual perspective the Spanish property in February 2014 became 11.2% cheaper. In big cities and provincial capitals, these figures are 6.7% and 43.7 %, respectively.

Many industry experts and economists have predicted for Spain in 2014 speedy economic recovery of the country, that primarily affect the real estate market, that the price of flats and houses in Spain will rise, and the demand for them will increase. In the meantime, we can only wait for these economic and financial changes.

According to the National Agency for the Evaluation of Real Estate “Tinsa”, in February 2014, property prices in Spain fell again, this time by 7.6 %. The cost of 1 square meter established in 1,359 euros.

Since the beginning of the economic crisis in 2007 , the prices of Spanish houses and apartments in total decreased by 40.5% . It is also worth noting that at least fell the Spanish property located on the Balearic and Canary Islands, namely by 32.8% .

At the same time, the Spanish property, located on the Mediterranean coast of the country is the most affected by the economic crisis, and therefore, more markedly decreased in price. Since December 2007, on February 2014, this general decline in prices was about 48.6% . In second place – is the real estate in big cities and capitals of the Spanish provinces, where the overall decline in February 2014 was about 43.7 %.

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