Price of property in Spain in the first quarter of 2014

The cost of real estate has fallen by 6.3% in the first three months of 2014. Thus, the total decrease of housing prices in Spain is by 47.1 %, compared with the maximum rates of 2007. The apartments with three or more bedrooms became cheaper.

The cost of real estate in Spain continues to fall, although the decline is becoming less noticeable each time. According to a recent study of estimated society Appraisal, the housing became cheaper by 6.3 % in the first quarter of 2014 compared to the same period of last year.

According to the assessment agency, which expects this year's less negative development of property prices in Spain, the cost of homes and apartments fell by 47.1 % compared with the peak period in 2007, and currently cost per square meter is of 1,270 euros. In this regard, the agency specialists believe that in the near future there may be a positive development, including the rising of cost of real estate in Spain.

Nevertheless, according to the quarterly trends in property values, developed by Appraisal, is expected to reduce sales and purchases of houses and apartments throughout 2014 , and it is also expected to remain the proposal, launched in late 2008, to adapt to lower demand, despite the fact that signs of recovery in the Spanish real estate market is still not very noticeable.

According to data provided by the company of assessment Appraisal, the value of property in Spain in the first quarter of 2014 has undergone a significant change in the case of apartments and houses with three or more bedrooms (-7.2 %) , while in the case of estate with two or only one bedroom the cost reduction was only by 2.7%.

As for the quality of the real estate , the total cost has fallen more in the case if the apartment has a low quality of finishing materials (-7.8 % ), followed by medium-quality real estate ( -6.9 %) and at the last position is the luxury real estate (-3 %).