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May 12, 2017

The evolution of prices of residential properties in Spain

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The evolution of prices of residential properties in Spain

According to data from the main real estate agencies in Spain, the value of second-hand properties in the country remains stable. In April 2017, there was only a slight increase by 0.3%, thus setting the price at 1.518 euros / m2, according to the latest index of real estate prices published by Internet portal Idealista. However, if the data are compared with those of April 2016 (1,539 euros / m2), the annual decline in prices was by 1.3%.

At the same time, prices of second-hand properties in Spain increased in 11 of the country's 17 autonomous regions. The highest growth was recorded in the Balearic Islands, where owners demand by 2.2% more for their houses and apartments in Spain than a month ago. They are followed by growth in Madrid (1.8%) and Andalusia (1.1%). Navarre, however, was the area where there was the sharpest decrease in prices of second-hand properties during the month of April, that is, by 1.2%. The list close La Rioja (-0.6%) and Extremadura (-0.5%).

Meanwhile, Euskadi (2,484 euros / m2) remains the most expensive autonomous community for the purchase of second-hand housing in Spain. Madrid (2,374 euros / m2) and the Balearic Islands (2,105 euros / m2) followed it. On the opposite side of the ranking are Castilla La Mancha (902 euros / m2), Extremadura (928 euros / m2) and Murcia (1,008 euros / m2), which are the most economical communities for buying second-hand houses and apartments in Spain.

Statistics also show that the 26 Spanish provinces maintained their upward trend in residential property prices in the month of April 2017. Rates increased by 2.7% in Malaga, with consequent increases in the Balearic Islands (2.2%) and Almeria (1.9%). The biggest fall was registered in the province of Granada (-2.1%), followed by the provinces of Lleida (-2%), Soria (-1.8%) and Ávila (-1.4%).

In the ranking of the most expensive provinces of Spain there have been no changes, as it continues to be led by the Basque provinces of Guipuzcoa and Vizcaya, with prices at 2,708 euros / m2 and 2,568 euros / m2, respectively. Madrid (2.374 euros / m2) and Barcelona (2,243 euros / m2) follow them. Toledo is the most economical province to buy a house in Spain with a price of 801 euros per square meter, as well as Cuenca (832 euros / m2) and Avila (839 euros / m2).

In April 2017, the amount of capital in the Spanish provinces, where the prices of second-hand properties have risen, has also been equal to 27. In this case, the highest growth occurred in Malaga, where the owners increased the real estate prices by 3.4%.

Barcelona is the most expensive city in Spain, the third consecutive month, with a price of 4,244 euros / m2. The Catalan capital is followed by San Sebastian (3,919 euros / m2) and Madrid (3,003 euros / m2).

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