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October 23, 2014

The cost of a property in Spain fell by 4.2% in September 2014

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The cost of a property in Spain fell by 4.2% in September 2014

In addition, according to the assessment agency Tinsa, the general decline in property prices in Spain is about 41.7% since the beginning of the economic crisis.

In September 2014 the price of Spanish houses and apartments fell by 4.2% compared to the same month in 2013, as reported by the published data of Property Price Index of Real Estate by the society Tinsa, who believes that “the housing prices in Spain have continued their downward trend in September 2014 within the overall tendency to stabilize prices, which began a year ago.”H owever, we still need to wait before to confirm that this point is a reflection of cyclical factors or is a recession in the stabilization of the cost of property in Spain – explains the experts of the assessment agency Tinsa.

 

Given this reduction, the real estate in Spain has fallen in price by 41.7% compared with the peak levels achieved in 2007, before the economic crisis.

Mediterranean coast, which has undergone significant declines in recent years, has registered this time in September 2014 the decline in property prices by 2.9% on an annualized basis, compared with a decline of 3.5% in the Balearic and Canary Islands.

Namely the provinces, in turn, intensified their fall of the ninth month of the year and showed a decline in prices by 9,2% year on year. In contrast, the real estate in metropolitan areas fell by only 0.8%.

The capitals and largest city are located just in the halfway of these indicators, namely, the local real estate prices dropped by 3.2% compared with a year earlier.

On the Mediterranean coast continues to be registered the biggest decline in real estate prices since the bursting of the so-called bubble in the housing market, with the figure of 47.3% downward. Followed by the capitals and largest cities, with a decrease in property values by 44.9%, the metropolitan areas with -44% and other provinces and autonomous regions (-38.2%).

Balearic and Canary Islands, meanwhile, remain autonomous regions of Spain, where prices have fallen the least: 32% since 2007.

 

 

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