In January 2014 the price of property in Spain fell at a slower pace than in the previous year. Namely, by 7.2 %, then last January when this drop in value was significant 13.8%. In other words, the rate of decline in prices slowed by half in early 2014. At the moment the house or apartment in Spain is worth about as much as it costed in 2003. Since the beginning of the economic crisis in 2007, the total value reduction of real estate in Spain is by more than 40 %.
Although not at so remarkable pace, but the cost of real estate in Spain continues to decline. This is evidenced by recent statistics from January 2014 , when there were an average annual decline of 7.2% . At the same time , in December 2013 , this reduction of prices is equal to 9.2%. The most notable decline in property prices, as in previous months, have been reported in large cities and their suburbs .
According to official data from the National Evaluation Agency of Real Estate “Tinsa”, the cumulative decline in the value of property in Spain since 2007 is more than over 40%. According to property index IMIE, prices for real estate in Spain returned to the level of August 2003 .
Thus, the real estate market in Spain begin to show the first signs of economic recovery , as the real estate is getting cheaper, but not so fast and rapidly. Many experts are talking of the emergency stabilization of the Spanish property market.
If we take into account the geographical factor, in this case , reducing the cost of real estate in Spain is as follows: the most notable interannual drop is occurring in large cities of the country , namely 8.4% . Followed by the Balearic and Canary Islands with lower prices by 6.9 % in January 2014. In the other provinces of Spain property prices dropped by 6.3 % and on the Mediterranean coast – 4, 8 % , which is significantly less than last year.
In addition, the agency Tinsa reported that the cumulative decline in prices for Spanish property from the beginning of 2007 on the Mediterranean coast is by – 45.8% , and in large cities and provincial capitals is by – 43.3% .