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October 4, 2013

The cost of a resale property in Spain continues to fall

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The cost of a resale property in Spain continues to fall

In September 2013 the cost of a resale property in Spain fell by 9.4 % compared with September 2012 .

Thus, for the past 71 months continues the trend to lower prices on the secondary real estate market in Spain on yearly averages. At the same time, the prices maintained at the same level as in the third quarter of 2013. According to the portal for real estate in Spain “Fotocasa”, in September 2013 in 9 autonomous provinces the prices have increased and in 8 provinces – have declined.

The average price per square meter of the secondary real estate in September was established in 1,762 euros, according to the statistics of the portal “Fotocasa”. This implies that prices have remained unchanged from the previous month but reduced by 10 %, if we take as a starting point the month of September 2012 .

At first glance it may seem that began to stabilize the cost of real estate in Spain, so for two quarters prices remain the same, as say the sector specialists. In addition, it is worth to keep in mind that between the first and second quarter of 2013 prices fell by 3.8 %. According to the chief specialist of the portal “Fotocasa” it is still too early to talk about a new trend in the property market in Spain and worth to wait the events that may occur during the final quarter of 2013. The only thing that can be said with certainty at present is that the rate of decline in the value of secondary real estate decreased over last year noticeably.

In 9 Spanish provinces was recorded rise in prices for resale properties, namely, in the Valencian Community (1.3%), in the Canary Islands (1.2%), in Castilla – La Mancha (1.1%), Cantabria (0.9 %), the Balearic Islands (0.6 %), Madrid (0.6 %). At the same time, in the 8 provinces saw a decline of 2.5 % (Extremadura) to 0.2 % (Catalonia).

The most expensive provinces in Spain are still the Basque Country (3,074 euros per square meter), Madrid (2,377 euros per m2) and Catalonia (2,192 euros per m2 ) for the purchase of property in the secondary real estate market.

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