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September 26, 2016

The price of residential property fell in August

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The price of residential property fell in August

Experts from the portal Idealista analyzed 442,615 properties in Spain available in its database for sale in order to obtain reliable statistics on the evolution of housing prices in the country. Therefore, the following results were obtained: the price of resale real estate in Spain fell by 0.1% during August 2016, reaching the 1,529 € / m2, according to the latest index of housing prices. If we consider the data of August of 2015 (1.577 euros / m2), the annual decline in prices is by 3.1%.

Meanwhile, statistics concerning the regions show that the prices of real estate in Spain increased in 11 of the 17 regions. The highest growth was recorded in the Canary Islands, where owners require by 1.6% more than a month ago, followed by the Madrid (0.9%) and Catalonia, where prices rose by 0.8%. In the Balearic Islands, in addition, property prices rose by 0.5%, while in Murcia and Andalusia – by 0.4%. The largest decline occurred, however, in Extremadura (-1.7%) and in Cantabria (-1.7%), in the Basque Country (-0.4%) and in Castilla y León (-0.3 %).

According to published data, the number of Spanish provinces where the evolution of prices of residential properties remained positive in August 2016 was equal to 25. The prices rose by 2.8% in Lleida, followed by a marked increase in Girona (2.5%), Las Palmas (1.9%), Palencia (1.8%), Santa Cruz de Tenerife, Cadiz and Tarragona (1.2% in all three cases). The biggest drop, however, was recorded in Caceres (-1.7%), Cantabria (-1.7%), Badajoz (-1.6%), Cordoba (-1.4%), Burgos and Teruel (1.3% in both cases).

In addition, the rating of the Spanish most expensive provinces remains unchanged, headed by the Basque provinces of Guipuzcoa and Vizcaya with prices at 2,815 euros / m2 and 2,564 euros / m2, respectively. These are followed by Madrid (2,372 euros / m2) and Barcelona (2,146 euros / m2).

On the contrary, Toledo is the cheapest province to buy property in Spain with a price of 817 euros per square meter. It is followed by Ciudad Real (852 euros / m2) and Cuenca (863 euros / m2).

It is also noteworthy that Euskadi (2,508 euros / m2) remains the most expensive autonomy in Spain, followed by Madrid (2,372 euros / m2) and the Balearic Islands (1,922 euros / m2). On the opposite side are Castilla La Mancha (904 euros / m2), Extremadura (919 euros / m2) and Murcia (1,010 euros / m2) which are the most economical communities for the purchase of resale residential properties in Spain.

In addition, San – Sebastian remains the most exclusive town of Spain, with a price of 3,907 euros / m2. It is followed by Barcelona (3,658 euros / m2) and Madrid (2,904 euros / m2). Lleida, by contrast, is the most economical capital of Spanish province, with prices at 898 euros / m2, followed by Castellon (988 euros / m2) and Avila (1,017 euros / m2).

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