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January 15, 2014

Real Estate Market in Spain in December 2013

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Real Estate Market in Spain in December 2013

The cost of real estate in Spain continues to decline. During December 2013, this figure decreased by 9%. Thus the general trend continues.

According to data released by the official estimating agency Tinsa, the general decline in the value of property in Spain in December 2013 was of 39.4%, that in the case of large cities and provincial capitals figures reaches 43.6 %. The most notable decline in prices for houses and apartments have been registered on the Mediterranean coast of the country – namely, 47.2%. Also in December 2013, despite numerous purchase of real estate on the coast by foreign investors, the property values dropped more on the Mediterranean coast of Spain, at 11.7%.

At the moment, no change is observed in the trend of Spanish property value. Although many experts are talking about the stabilization of the property market in Spain and, therefore, is about to start rising prices of houses and apartments here, but until nowadays it is not confirmed by the official data of December 2013. The real estate in Spain continues to become cheaper and since the beginning of the global economic crisis has already lost 39.4 % of its value.

This is indicated by the data of the official real estate valuation agency Tinsa, which also reports that in December 2013 the interannual decrease in value of real estate in Spain was 9.2% , while in November 2013 , this figure was 7.2 %.

If we consider the decline in the value of properties by zones and regions of Spain, the trend is also maintained here. Namely, that most cheaply are getting the apartments and houses located on the Mediterranean coast of the country, in December 2013 to 11.7%. This area continues to be preferred among foreign buyers Spanish property, which is not surprising, given the wonderful climate, incredible scenery and excellent developed here for a comfortable life infrastructure.

The Mediterranean region, is followed by the big cities and the capitals of the Spanish provinces, where the decline in value of the property in December 2013 was 11 % , and the total since 2007 – 42.9%.

Least of all the real estate prices dropped in the Canary and Balearic Islands of Spain, namely by 3.2 % in December 2013 and by 29.7 % since 2007 .

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