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July 29, 2016

The average price of real estate has fallen by 5.1% this year

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The average price of real estate has fallen by 5.1% this year

Houses and apartments in Spain reduced their price since the beginning of 2016 per square meter, according to data provided by the General Council of Notaries of the country. During the period from January to May 2016, thus, the average price of real estate in Spain fell by 5.1% and stood at around 1,261 euros / m2. This is the lowest figure recorded this year, and also it shows a decline in property prices in Spain by 1.6% compared with the same month of 2015.

In addition, the Association of Notaries of the country has submitted official data on property sales in Spain. So we can say that sales of real estate in Spain has normalized the number of transactions during the fifth month of the year, after significant increases recorded during the previous two months. Therefore, in May 2016 there was made 38,845 transactions of buying and sale, which is by 11.4% more than in May of last year and at the same time a slight decrease compared with the transactions recorded in March or April this year. According to data published by notaries, moreover, until May 2016 were accounted for 181,056 sales and purchases operations of residential property in Spain, which is by 16.1% more than in the period from January to May 2015. 

Also noteworthy is the fact that second hand apartments and houses in Spain lead the ranking with 26,889 sales transactions, representing a 16.8% increase compared to last year. Moreover, among property types in Spain, that is especially demanded by buyers, include   townhouses in Spain with an increase of 9.2% of transactions, or 7,885 confirmed operations according to the notaries. However, new homes and apartments in Spain have reduced their share in total sales, which was by 22.6%, compared to the same period of 2015, which means that we can talk about 2,495 sold items.

"The increase in real estate sales in Spain registered in May 2016 reflects the basic trend of recovery in the housing market in the country," as was pointed out by notaries.

As for the price per square meter, notaries als add that in the fifth month of the year, the price of houses and apartments in Spain fell again, i.e. by 1.6% to 1,261 euros per m2. Meanwhile, since the beginning of 2016, when the price was equal to 1,330 euros per m2 (the highest figure of the year), prices in general fell by 5.1%.

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