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November 8, 2013

The cost of real estate has fallen by 41 % over the past 6 years

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The cost of real estate has fallen by 41 % over the past 6 years

According to the online portal of real estate Fotocasa most notable decline occurred in the following Spanish provinces of La Rioja (-51.3 %), Aragon (- 46.2 %), Murcia (-45.6 %) and Navarra (45.2 % ).

Over the last year fall in the value of secondary real estate was by 9.4 %. In October 2013, in 80 % of the 376 studied municipalities the cost of housing has decreased.

Official data indicate that the next price drop for resale properties in Spain is occurring actually. During the 2013 decline was 9.4% and the cost per square meter was established at 1.746 euros. Thus, from the beginning of the economic crisis, six years ago, the cumulative decline in property values was 40.9%. In the 2007 square meter cost 2,952 euros, highest recorded figure.

At the same time, in many provinces of Spain, there are signs of stabilization of the secondary real estate market, and hence the rate of decline in the value noticeably stopped. The average fall in value of real estate in the provinces ranged from 0.5 % in Madrid and 1.9 % in Navarra.

Looking ahead, real estate experts portal Fotocasa foreshadow the imminent end fin of decrease of costs and the stabilization of the secondary real estate market. Head of market research of Fotocasa Beatriz Toribio so evaluates the situation on the real estate market: “The cost of the secondary real estate will continue to decline throughout the year 2013, but there are clear indications that prices have reached its minimum and that in 2014 the price of resale property in Spain will no longer be fall and so the prices will stabilize at current levels.”

The Basque Country is the most expensive province in Spain with the cost of one square meter 3.051 euros, followed by Madrid (2,365 euros per m2 ) and Catalonia ( 2,167 euros per m2). At the same time, Extremadura (1,234 euros per m2), Castilla-La Mancha (1,239 euros per m2) and Murcia (1,249 euros per m2 ) – the cheapest provinces of Spain on the secondary real estate.

From 376 analyzed municipalities in Spain, 80 % (299 municipalities) in the last month , declines in the value of secondary real estate, in 2 % (8 municipalities) – the prices have remained unchanged and in 18 % (69 municipalities) – there was a slight increase in the cost, according to the experts of the portal Fotocasa.

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