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December 29, 2015

Prices of second-hand properties in Spain fell in 2015

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Prices of second-hand properties in Spain fell in 2015

During 2015, the market prices of second-hand housing in Spain have slowed their fall and it was registered a decrease by 2%. Therefore, the cost per square meter was set at 1,563 euros, according to the latest price index of portal Idealista. In the last quarter of this year, the decline was by 0.7%.

Fernando Encinar, the research director of the Idealista website, said that "if in the past year 2014 was the beginning of the normalization of real estate in most parts of the country, but this year we saw evidences that the crisis has ended in some Spanish cities, but not in all provinces, where prices will continue to fall in the coming years."

Therefore, the recovery of the property market in Spain has also been important to return to the standardization of mortgage loans. "Despite the interest of banks to extend credit, the number of new mortgages does not still balance the cancellations, leading the banks, thus, to offer loans with conditions unthinkable a few months ago," – continues Fernando Encinar.

As for prices, the head of research of Idealista website said that "market behavior has been very fragmented, while in some markets, the adjustment was not enough, and demand is still waiting for the strongest downs while in other markets the crisis is over, and prices gradually begin to rise. In any case, despite the positive changes, a new crisis is not expected in the property market in Spain. Only the normalization of the sector after eight years of economic crisis."

According to Encinar is "predictable and desirable that next year this trend to normalization will continue, with a soft but steady increase in the number of transactions for buying property in a growing number of markets with stable prices."

In addition, five communities in Spain have seen an increase in property prices this year. The largest increase was recorded in the Balearic Islands, where the owners ask for their houses and apartments at 3.3% more than a year ago. This growth was accompanied by an increase on the Canary Islands (1.9%), Madrid (1.6%), Andalucía (0.4%) and Catalonia (0.2%). On the opposite side, are the reductions in Extremadura (-7.4%), Castilla La Mancha (-6.6%) and Asturias (-6%).

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