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November 11, 2016

Evolution of real estate prices in the capitals of the provinces of Spain

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Despite the fact that the latest index of real estate prices in Spain available for sale (in relation to the third quarter of 2016) still shows several annual declines, some of the capitals of the Spanish provinces seem to have left behind the lower limits of declines achieved during past years and have begun moving towards normalization of prices, according to a study published by an online portal Idealista.

It is worth noting that Barcelona is a city where property prices have raised more and, therefore, they have moved significantly away from their lowest indexes. Given that real estate prices in Spain reached their lower thresholds in the third quarter of 2013 (when the square meter costed about 2.957 euros), it can be said that till now the prices have increased by 24% to 3.667 euros / m2, after increases recorded during twelve consecutive quarters.

The group of province capitals, where real estate prices in Catalonia increased more than 5% from their lows, is leaded by Lleida, where they are now by 11.6% higher than the 787 euros / m2 registered in the third quarter of 2015. In the rest of Spain, statistics say that Palma de Mallorca is the leader with an increase of 9.6% compared to 1,805 euros / m2 in the fourth quarter of 2014, Pontevedra (an increase of 8.6% from 1,258 euros / m2 in the second quarter of 2014); Madrid (increase of 7.7% from 2,694 euros / m2 in the fourth quarter of 2014), Malaga (6.6% from 1,559 euros / m2 in the fourth quarter of 2014) and Donostia-San Sebastián (increase of 5.3% from 3,717 euros / m2 in the second quarter of 2015).

A total of 24 capitals of the provinces of Spain analyzed have registered real estate prices higher than their minimum levels in recent years, although their number is still insufficient to determine whether this is a temporal increase or we can speak of the changes of tendency in real estate market in Spain. The most important data were registered as growths in Pamplona (4.6%), Tarragona (3.8%), Soria (3.6%), Córdoba (3.1%), Alicante (3.1%) and Guadalajara 3%).

On the other hand, the rest of the capitals of the Spanish provinces, apparently, have not left the tendency to the fall of the prices of their real estate. A total of 18 of the 50 Spanish cities continue to establish historical minimum levels since reaching their maximum levels in 2007, among which there are large markets such as Zaragoza, Valladolid and Bilbao.

The same is happening in several neighborhoods of the main cities of Spain, which show different behaviors, since their real estate markets are very unequal. In Barcelona, ​​for example, the most notable changes in prices of apartments and houses after the crisis occurred in the Ciutat Vella, where they increased by 52.1%, while Sant Martí's growth reached 31.2%. They are followed by the neighborhoods of Eixample (30.8%) and Sarrià-Sant Gervasi (29.5%). Sants Montjuïc recorded an increase in real estate prices of 21.5%, 21% in Gracia, 14.8% in Les Corts and 10.6% in Nou Barris. At the same time, prices in the areas of Horta Guinardó have risen by 9.6% and by 6.4% in Sant Andreu.

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