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September 10, 2014

The biggest monthly rise in house prices over the last 8 years

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The biggest monthly rise in house prices over the last 8 years

In August 2014 the average price of resale property in Spain increased by 1%. Prices rise in thirteen autonomous regions of the country and fall in the other three. Nevertheless, according to the data of the real estate portal Fotocasa, compared to last year, prices fell by 6.3%. At the same time, the average price of resale homes has fallen by a total of 43.9% from 2007 till the present time.

Everything points to the fact that house prices in Spain have reached the minimum values, but at the same time, they have continued to fall. The dates of real estate portal Fotocasa indicate, on the one hand, that the price of resale property in August 2014 registered the biggest monthly increase in the past eight years; but compared to last year, prices continue to fall, this time by 6.3%.

According to published data on the portal of real estate, the average price of resale property in Spain in August 2014 was 1,656 euros per square meter, and thus, the monthly increase was of 1%. This is the second registered increase during this year, as the price of second homes registered in January 2014 a moderate growth of 0.2%.

In 368 of analyzed Spanish municipalities, the property values increased in 179 and dropped in 178. Besides, the registered increase in the cost of property in Spain in August 2014 is the highest since April 2006, when prices rose by 1.1%. Thus, is the highest rise in house prices over the last 8 years.

In terms of inter-annual percentage changes, the property prices in August 2014 decreased by 6.3%, which represents a slowdown decrease compared to last August, when prices fell by 9.7%.

So, the average price of resale property in Spain have dropped in price by 43.9%, from its record high prices in April 2007.

In particular, in the ten regions of Spain this fall in prices was by more than 40%. La Rioja is an autonomous region, where real estate has fallen in price the most (-54.4%), followed by Navarra (-50.1%), Aragon (-49.7%), Castilla-La Mancha (-48 , 8%), Murcia (-46.6%), Catalonia (-46.5%), Valencian Community (-45.6%), Madrid (-44.5%), Andalusia (-42.9%) and Asturias (-42.4%).

 

 

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