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September 4, 2014

Value of the property rises in eight regions of Spain

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Value of the property rises in eight regions of Spain

Although the price of second homes in Spain fell by 0.4% in August 2014 compared with the previous month, and the cost per square meter was established at 1,669 euros/ m2, however, in eight regions, such as in La Rioja (1%) and Catalonia (0.8%) was registered a light rise, according to the latest index of prices made by portal Idealista.com, the leading portal for property in Spain.

If we consider the data on an annualized basis, the property prices have fallen by 5.3%compared to August 2013, when the square meter costed 1,764 euros. Euskadi is the most expensive autonomy of Spain with the cost of 2,779 euros per m2. Followed by the Community of Madrid (2,607 euros / m2) and Catalonia (1,926 euros / m2). Located on the opposite side are Castile (1,016 euros / m2), Extremadura (1,038 euros / m2) and Murcia (1,062 euros / m 2), which are the most cost-effective communities of Spain for the purchase of real estate.

The number of Spanish provinces, which have retained their positive development in the value of the property, that means, the prices started to grow, increased to 20. The biggest growth was registered in Santa Cruz de Tenerife (1.6%), Barcelona (1.4%) and La Rioja (1%). At the same time, the largest decline was recorded in Castellón (-1.8%), Caceres (-1.5%) and Avila (-1.4%).

Rating of the most expensive Spanish provinces remains unchanged, led by the Basque provinces of Guipuzcoa and Vizcaya, where the cost per square meter is up to 3,158 euros / m2 and 2,828 euros / m 2, respectively. They are followed by Madrid (2,607 euros / m2)and Barcelona (2,213 euros / m2).

Province of Cuenca is the cheapest with a cost of 901 euros per square meter, followed by Toledo (942 euro / m2) and Ciudad Real (947 euro / m2).

During the month of August 2014, the amount of capital of the Spanish provinces, where the real estate prices has risen, was 16. The highest rise was registered in Huesca, where the house prices rose by 2.9%. In Girona (Catalonia) the prices grew by 1.9%, while the value of real estate in Barcelona increased by 1.7%. In contrast, the largest decline in prices occurred in Castellón (-3.9%), Huelva (-2.4%) and Logroño (-2.3%).

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