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August 12, 2015

Real estate prices are reduced in the second quarter

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Real estate prices are reduced in the second quarter

The average price of new and existing real estate in Spain amounted to 1,284 euros per square meter in the second quarter of 2015, representing a decrease of 3.1% over the same period of 2014 and of 2.4% compared to the previous quarter, according to the report on the Spanish real estate market of the Evaluation Society, published this week. Therefore, the average price has accumulated an overall reduction of 46.5% from the peak levels of 2007, when the price of one square meter was equal to 2,401 euros.

In the second quarter, the decrease in Spanish property prices has been more pronounced in poor quality housing (-9.1%) than in average quality housing (-2.5%). The prices of real estate of high quality fell only by 1.3%.

The index of real estate valuation, carried out by the official real estate Evaluation Society continues its upward trend and rose by more than two points during this quarter, thus reaching 49.5 points. Therefore, it is now very close to a neutral position in 50 points, and continues to grow over the last two years, from the lowest level recorded in the last quarter of 2012.

The improvement in the last ten consecutive quarters seems to confirm the trend of the favorable aspects of the Spanish real estate market development, considered in this report, such as, for example, the increase of confidence in the positive performance of the Spanish economy and the growth in real estate sales.

The index of confidence of the Evaluation Society is based on the opinions of more than 600 specialists in economics and real estate market of the areas where they develop their activities.

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