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September 4, 2013

Real estate secondary market dropped in price by 40 % since 2007

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Real estate secondary market dropped in price by 40 % since 2007

According to real estate portal Fotocasa, the cost of real estate in Spain in August 2013 decreased by 0.4 %. Thus, August was the 41th month, which registered a decline in property values since 2010 . In the autonomous regions of Spain , the tendency to reduce the cost continues everywhere, except the Valencian Community and the Balearic Islands.

Prices of resale properties in Spain continues to fall. In fact, since April 2007 , when the maximum values were recorded in prices , the cost of second hand properties has decreased by 39.9 % , as reported by the important Spanish real estate portal Fotocasa.

In August 2013 , the average cost per square meter of the secondary real estate was established in 1.767 euros, a decline of 0.4 % compared to the previous month.

Also, experts from the portal Fotocasa published data on the cost of the secondary real estate on the autonomous regions of Spain. In addition to the Valencian Community, where the cost of second hand homes has increased by 0.2 % and set to 1,387 euros per square meter, and the Balearic Islands , where you can purchase a secondary property for the same cost, which a month ago of 1,843 euros per square meter , in other autonomous regions of Spain property values declined.

The most significant decline occurred in La Rioja, namely by 2.1 %. La Rioja generally leads in the overall drop in the value of secondary real estate , as far square meter is cheaper by 50.5 % compared with April 2007, when the price per square meter reached 2,971 euros.

The three provinces of Spain 's most expensive real estate on the secondary are still in the Basque Country ( 3,078 euros per square meter) , Madrid ( 2,375 euros per square meter) and Catalonia ( 2,203 euros per square meter).

Castilla la Mancha, Extremadura and Murcia are the most accessible in terms of the cost of secondary real estate regions of Spain, with marks in the 1,245 , 1,267 and 1,273 euros per square meter, respectively.

The most expensive area of Spain are the Salamanca district – Goya – Recoletos of Madrid, where the cost per square meter of the secondary real estate reaches 4,989 euros. At the same time, Barcelona's Pedralbes – Sarrià district with 4,932 euros per square meter, is slightly inferior to him.

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