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August 4, 2014

Price of property in Spain in July 2014

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Price of property in Spain in July 2014

According to a major online property portal in Spain Idealista.com, the secondary housing price fell by 0.5% in July 2014, with the exception of the provinces, as Madrid, the Balearic Islands and Cantabria. The cost per square meter established in 1.676 euros, according to the latest house price index from Idealista.com, leading real estate portal in Spain. If we consider the data for July 2013 (cost per square meter 1,775 euros), an annual decrease is of 5.6%. The only regions of Spain, where the price of real estate has not been reduced, are Cantabria, Madrid and the Canary Islands.

 

If we consider the regions of Spain, the cost of real estate has risen in 3 regions. Balearic Islands registered the biggest increase of 1.1%, followed by Cantabria (+ 0.2%) and Madrid (0.1%). In all other provinces of Spain the real estate prices in July 2014 fell. The largest decrease was recorded in La Rioja (-3.1%), and then in Aragon (-1.8%) and Murcia (1%).

The Basque Country remains the most expensive autonomy region of Spain, with a cost per square meter of 2,778 euros, followed by the Community of Madrid (2,604 euros per m2) and Catalonia (1,911 euros per m2). On the opposite side are Castile (1,010 euros per m2), Extremadura (1,043 euros per m2) and Murcia (1,064 euros per m2), which are the most economical Spanish regions to purchase property.

The number of Spanish provinces, which have retained their positive trend in real estate prices during July 2014, have risen to ten. At the same time, the rating of the most expensive Spanish provinces remains unchanged, led by the Basque provinces of Guipuzcoa and Vizcaya, with 3,149 and 2,833 euros per m2, respectively. Followed by Madrid (2,604 euros per m2) and Barcelona (2,182 euros per m2). Province of Cuenca is the cheapest with a price of 896 euros per square meter. City of Toledo (934 euros per m2) and Ciudad Real (940 euros per m2) follow it.

During the month of July 2014, the number of provincial capitals, where property values increased, rose to 15. The highest rise was registered in Mallorca (1.7%), and in Girona growth was of 1.5%, while in Barcelona prices rose by 1.4%. In contrast, the largest decline occurred in Lleida (-3.1%), Zaragoza (-1.7%) and Avila (-1.6%).

 

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