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November 29, 2013

Spain Real Estate Market News

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Spain Real Estate Market News

The cost of real estate in Spain continues to decline, but at a slower rate. In the third quarter of 2013, a decline was of 4.5 %, according to official sources . New property declined in price by 2.5% , while secondary properties became 5.2% cheaper. The most notable drop in real estate prices occurred in the Spanish provinces of La Rioja (-12.6 %) , Cantabria (-10.7 %) , Aragon (-10.5 %) , Asturias ( – 10.1 %) and Catalonia (- 9.8 %). Nevertheless, in the Balearic Islands (+4.8 %) , in Navarra ( +4.3 %) , Extremadura (+2.8 %) and Madrid ( +0.3 %) , the cost of housing has increased. In the Basque country, the cost of housing has not changed during the third quarter of 2013.

At this point since the beginning of 2008 the cumulative fall in real estate prices was 28.8 %.

According to official data provided by the Spanish Ministry of Development, the cost per square meter in the third quarter of 2013 was established at 1.495,3 euros, which is 4.5 % less than last year's figure. And at the same time by 3.3 points less than the decrease in cost per square meter, registered in the second quarter of 2013, which was equal to 7.8%.

New apartments and houses in Spain, which were built less than 2 years ago, are getting cheaper slower than the secondary residential real estate. For the third quarter of 2013 these figures were 2.5 % and 5.2 %, respectively. Cost per square meter in the new building, therefore, established a 1.564 euros, and in the secondary real estate – 1.472,7 euro.

All figures above relate to residential property available for free sale in Spain. In the case of real estate under the protection of the state, the so-called social housing, the price per square meter of apartments is 1.113,8 euros, which is 2.4 % less than in the third quarter of 2012. Especially worth noting that for foreign nationals acquire social housing in Spain is practically impossible.

Thus, the overall performance of the property market in Spain for the third quarter of 2013 (July- September 2013 ) are as follows: decreased the value of residential real estate by 4.5% compared with the third quarter of 2012 and by 0.4 % compared with the previous the second quarter of 2013.

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