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September 10, 2013

The cost of real estate in Spain fell by 9.3 % in August 2013

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The cost of real estate in Spain fell by 9.3 % in August 2013

  • These data suppose a general decline in property values by 38.6 % since 2007.
  • The most noticeable decline in prices occurred in the big cities and their suburbs, by 15.8 %.
  • On the Mediterranean coast the general decline in property values reached 44.4 % in the last 6 years.

Despite the fact that some experts are already talking about the beginning of the increase in the prices of the properties in Spain, the official statistics still indicate the opposite. Exactly talking about the August 2013, the average cost of an apartment or house in Spain has decreased in almost 10 %.
According to the official evaluation of the society Tinsa, reducing the cost of real estate in Spain in August was by 9.3%, compared with the same month in 2012 . As the index of the real estate market of Spain (Imie), which calculates Tinsa based on real data of the participants of the process of buy and sale of real estate, from December 2007, the general decline in the value of flats and houses in Spain is about 38.6 %.
Only the Canary and Balearic Islands does not seem to lend to the general trend, where property values rose.
Most noticeable is the fall in prices occurred in the suburbs of big cities, where it reached the 15.8%. For them follow provincial capitals and big cities, where the decline in prices of the property is about 11%. The following is the general level of the fall in property prices in the provinces located on the Mediterranean coast of Spain, with 8.1%, and the rest of the municipalities with 7.2 %.
The opposite of this data are the statistics on the Canary and Balearic Islands, which were reported increase in property values in 2.3%. Thus, the islands are supported by stable property prices since the end of last year.
Since the achievement of maximum prices for real estate in December 2007, the real estate on the Mediterranean coast of Spain now is 44.4 % lower; at the same time, in the capitals of provinces and cities, in 42.7 % less, in the suburbs of large cities, in 42,2 %; in other provinces, at 32.6 %, and in the Canary and Balearic Islands, at 28.6% less, than in august of the last year.

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