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October 7, 2016

Review of Spanish property market in the third quarter of 2016

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Review of Spanish property market in the third quarter of 2016

The cost of second-hand properties in Spain registered a slight increase in 0.1% during the third quarter of 2016. This increase means that currently one square meter costs about 1,533 euros on average, according to the latest real estate price index of internet portal Idealista. At the same time, the annual price reduction is by 2.7%.

During the third quarter of this year in nine autonomous communities in Spain the properties have increased their prices. In the case of the provinces of Spain, the number is 24, as well as the capitals of the provinces, where houses and apartments in Spain rose in price. Among the major cities, Barcelona is leading the ranking with the figure of 3.8%. Therefore, we can say that the price of second-hand real estate in Barcelona has been recovered by 24% from the years when they reached their minimum values during the years of economic crisis.

According to Fernando Encinar, the head of research department of the website Idealista, "the data of published report reflect better than ever the two main trends that exist in the Spanish property market. On one hand, properties in Spain rise in price, while on the other hand, some decreases in prices are recorded, creating a tension that is reflected in the fact that at the national level, prices remain virtually at the same level."

He also noted that "in large urban areas these two trends is also visible very clearly. For example, in cities like Barcelona, ​​Madrid and Valencia are recorded increases in the prices of 24%, 7.7% and 8.1%, respectively, after having reached their lowest indexes, while the other big cities like Bilbao, Valladolid and Zaragoza continue to have minimum real estate prices."

Moreover, Fernando Encinar points out that "now there are other factors that most influence the dynamics of the Spanish real estate market than the price changes," and he indicates directly to the "political uncertainty, which is an impediment for sales of real estate in Spain, reflected in recent data from the National Statistics Institute (NIE)".

The statistics also show that nine autonomous communities in Spain recorded an increase in their real estate prices during the summer of 2016: the highest growth occurred in Catalonia, where houses and apartments increased by 2.6% compared to the previous quarter. It is followed by the Canary Islands, with an increase of 2%, by the Balearic Islands (1.8%) and by Valencia (1.7%). At the same time, the largest decline occurred in Extremadura (-1.6%), followed by Aragon (-1.5%) and Cantabria (1.3%).

Meanwhile, Euskadi with a price of 2,498 euros / m2 remains the most expensive Spanish autonomy. The Community of Madrid (2,368 euros / m2), the Balearic Islands (1,934 euros / m2) and Catalonia (1,847 euros / m2) follow it. Castilla La Mancha (907 euros / m2) is on the opposite side of the classification, as well as Extremadura (916 euros / m2) and Murcia (1,009 euros / m2).

In the ranking of the most expensive provinces of Spain continue to lead the Basque provinces of Guipuzcoa and Vizcaya, with prices of 2,807 euros / m2 and 2,562 euros / m2, respectively. They are followed by Madrid (2,368 euros / m2) and Barcelona (2,167 euros / m2). Toledo is the most economical province of Spain (822 euros / m2), as well as la Ciudad Real (850 euros / m2) and Cuenca (851 euros / m2).

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