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September 19, 2013

The cost of land has fallen by 14.5 % and reached historic lows

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The cost of land has fallen by 14.5 % and reached historic lows

The average price per square meter of land was established in 160 euros, the lowest value recorded since 2004, according to the Ministry of Development of Spain.

In the first quarter of 2013 the value of land in Spain fell by 14.5 % compared with the same period last year. For the second quarter of 2013, the total drop in the value of land occurred in 17.4%. And since 2007, the cumulative drop is of 44 %.

With regard to historic lows, which was recorded between January and March this year, when the cost of land was established at 157.2 euros per square meter, for the second quarter of 2013 , it increased by 2.7 % to 161.5 euros per m2.

Before the economic crisis that has affected Spain, namely in the third quarter of 2007, a square meter of land in Spain worthed 285 euros, which means that since that time the cost decreased by 44%.

In cities with a population of more than 50,000 people, the land value has fallen by 25.2 % on annual average and set at the mark of 330.1 euros per square meter in the second quarter of 2013.

In these provinces were the highest land prices: in Barcelona (714 euros per m2), Ciudad Real (571.8 euros per m2) and Zaragoza (426.0 euros per m2), while the cheapest on the Spanish territory are land in Valladolid (75.6 euros per m2) in Zamora (115.9 euros per m2) and Almeria (126.2 euros per m2).

Official sources also provide data about transactions involving land for the second quarter of 2013. The number of such operations decreased by 8.4 % in the first six months of the year and amounted to a total number of 6,629.

As for the statistics for the second quarter of 2013, over the period was signed 3,828 contracts of sale of land, 5.1% more than in the second quarter of 2012 and by 36.7 % more than in the previous quarter.

If we talk about the monetary value of underlying transactions with land plots, in this case it is possible for 555 million euros in the first six months of 2013, up 9 % less than in the same period last year. While the cash equivalent for the second quarter of 2013 fell by 3.5 % compared to the second quarter of 2012.

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