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December 13, 2016

The price of real estate has increased in Catalonia, Madrid and the Balearic Islands

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The estimated value of residential real estate in Spain continues to grow compared to last year. According to data published by the Ministry of Development of the country, the average price per m2 of houses and flats in Spain was 1499.7 euros in the third quarter of 2016, and therefore, it increased by 1.6% in a year.

As  this state agency that heads Íñigo de la Serna stated, it is the sixth consecutive quarter in which the price per m2 of residential property in Spain rises in annual terms, without taking into account inflation. In case of considering the effects of inflation, the increase in real estate prices in Spain was by 1.8%.

According to the latest statistics, in addition, the growth of real estate prices was not recorded overall in Spain, and its evolution depends on the region in which the property is located. During the summer, for example, the Ministry of Development registered anual increases in nine autonomous communities, while in another six the estimated value of houses and apartments in Spain continued to decline.

The ranking of price increases in the real estate sector lead Catalonia (4.8%), Madrid (4.3%) and the Balearic Islands (4.2%), where prices have increased in the last year in 2 or 3 times more than in the whole of Spain. They are followed by the Canary Islands (2.6%), Valencia (1.9%) and Navarre (1.8%). On the other side of the ranking are situated La Rioja (-5.1%), Cantabria (-1.8%), Basque Country (-1.8%) and Aragon (-1.5%).

Currently the price per m2 of residential property in Spain continues its stabilization process, as the current level of the prices is still significantly below the maximums reached during the first three months of 2008. That is, the difference between them at the end of September was by 28.6%, and this figure rises to 34.9% if we take into account the evolution of the consumer price index in Spain (IPC).

In addition, Spanish real estate prices also fell slightly compared to the previous quarter: in the period from April to June 2016 the value of m2 was more than 1,500 euros for the first time in three years that means that apartments and houses in Spain are now cheaper by 0.4%.

Statistics for Spanish cities with a population of more than 25,000 habitants show that the highest prices for residential properties in Spain are in San Sebastian (3,242.2 euros / m2), Barcelona (2,714.4 euros / m2), Ibiza (2.662,5 euros / m2), Sant Cugat del Vallès (2,607.5 euros / m2), Guecho (2,658.4 euros / m2), Pozuelo de Alarcón (2,574.7 euros / m2) and Madrid (2,565.5 euros / m2).

Meanwhile, the lowest prices were recorded in Elda (520.8 euros / m2), Ontinyent (553.6 euros / m2), Jumilla (570.1 euros / m2), Alcoy (584.2 euros / m2) Eclat (588.7 euros / m2) and Crevillet (602.5 euros / m2).

The national Ministry of Development bases its statistics on information on real estate in Spain, evaluated by the different appraisal companies that are members of the Association of Analysis of Value (AEV).

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