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October 8, 2014

The cost of real estate in Spain rose by 4.1% in the third quarter of 2014

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The cost of real estate in Spain rose by 4.1% in the third quarter of 2014

 

 

This is the first recorded high growth in real estate prices, after seven years of steady decline. Rise in house prices was more pronounced in the segment of expensive real estate, rather than in the more economical.

At the same time, a general fall in prices is yet by 45.5% from the peak reached in 2007, according to the official Society of Appraisers.

 

 

 

The cost of housing, both new and secondary, is actually 1,309 euros per square meter in the third quarter of 2014 compared to the same period in 2013, which is the first increase in seven years, since the growth of 2.7% recorded in the third quarter of 2007. At the same time, it is necessary to consider that the price increase affected in a greater extent the sector of luxury real estate in Spain (5.7%) than the cost of economical (5.1%) and average houses (2%).

This was noted by the official evaluation society in its latest report entitled “Quarterly Report on the real estate market,” which, however, shows a slight decrease of 1.4% compared with the price level of the second quarter of 2014 Thus, the average price of housing in Spain has decreased by 45.5% compared to prices in 2007.

The report also said that the real estate sector in Spain will maintain “stability” for some time after the fall of prices of housing has slowed down, which was observed since 2008.

Among the regions of Spain, the largest price increase was recorded in Castile and Leon (7.5%), Madrid (2.6%), Valencia (1.4%), Andalusia (1.2%), Catalonia (1.2% ), Murcia (1.1%) and the Balearic Islands (1%).

On the opposite side are situated Cantabria (-8.8%), Aragon (-7.1%), Basque Country (-3.3%), La Rioja (-3.1%), Asturiyas (- 3%), Castilla -la Mancha (-2.9%), Navarra (-2.7%), Galicia (-2.5%), Extremadura (-2.4%) and the Canary Islands (-0.1%).

As the main reasons for the increase in property prices in Spain in the third quarter of 2014, the Evaluation Society notes that “there was a favorable coincidence of good data on the unemployment rate and the issuance of mortgage loans.”

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