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June 10, 2014

Valuation of property in Spain

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Valuation of property in Spain

Housing prices have moderated its decline in the first quarter of 2014. From January to March 2014, the value of property in Spain fell by an average 1.6%, according to the National Institute of Statistics of the country. Although this figure is still, as in the past 6 years, indicates the annual decline in prices, the registered drop is the smallest decline since the second quarter of 2010. Prices of new homes fell by 1.1%, and the secondary – by 1.7%.

The cost of the Spanish real estate continues to decline in 2014, but at less noticeable pace. The time when prices touch the ground, seems to many experts, is near. Until now, in the first quarter housing moderated its decline to a decrease of 1.6%. The cost of housing falls during the past 6 years.

According to the price index for housing of the National Statistics Institute (INE) of Spain, compared to the same period last year, real estate prices at the end of the first quarter of 2014 decreased by 1.6%. However, the last quarter of 2013 was closed with an annual decline of 7.8%. Thus, the prices of houses and apartments in Spain fall for the past 24 consecutive quarters, or six years. Housing prices began to fall in the second quarter of 2008 (-0.3%), and since then the trend has not changed, although it has become more moderate. Thus, data for the first quarter of 2014 are the smallest decline since the second quarter of 2010.

By type of property, the prices in the secondary market fell by1.7% in the first quarter of 2014, when compared to the previous 2013, but increased by six points compared with the previous quarter, while new real estate has fallen in price by 1.1%, which is almost seven points higher than during the last quarter of 2013.

Quarterly (first quarter of 2014 compared to the fourth quarter of 2013) the price of private housing in Spain fell by 0.3%, compared with a fall of 1.3% in the period between October and December 2013.

In addition, in four provinces of Spain was recorded an increase in real estate prices, namely in Madrid (1.9%), Basque Country (1.4%), Cantabria (1.4%) and the Balearic Islands (0.2%).

 

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