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November 17, 2016

The real estate market in Spain again shows declines of prices

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The price of second-hand housing in Spain fell by 1.3% in October 2016, to 1,513 euros / m2, according to the latest real estate price index of web portal Idealista. If we compare data from October of last year (1,579 euros / m2), so the annual price decrease is equal to 4.2%.

At the same time experts point out that the autonomous regions of Spain show different statistics, as prices increased in 2 of 17. The highest growth was recorded in the Balearic Islands, where houses and apartments increased their prices by 0.7% compared to the previous month. Extremadura follows them (0.1%). In all other areas of Spain, real estate prices have fallen in October 2016. The largest declines occurred in La Rioja (-3.6%) and Aragon (-1.9%), Navarre (-1.8%), Catalonia and Murcia (-1.7% in both cases).

Meanwhile, Euskadi (2,495 euros / m2) remains the most expensive Spanish autonomous region. It is followed by the Community of Madrid (2,362 euros / m2) and the Balearic Islands (1,947 euros / m2). On the opposite side of the classification are situated Castilla La Mancha (897 euros / m2), Extremadura (917 euros / m2) and Murcia (992 euros / m2).

At the same time, the number of Spanish provinces, where real estate prices have remained positive during the month of October 2016, has been equal to eight. Prices rose by 0.9% in Segovia, Cuenca (0.8%), the Balearic Islands (0.7%), Ourense (0.6%) and Cáceres (0.4%). The most significant decreases were registered in La Rioja (-3.6%), Castellón (-3.2%), Teruel (-3%), Zaragoza (-2%) and Ciudad Real (- 2 %).

In addition, the most expensive provinces for the purchase of a property in Spain remained unchanged, headed by the Basque provinces of Guipuzcoa and Vizcaya, with 2,815 euros / m2 and 2,560 euros / m2, respectively. These are followed by Madrid (2,362 euros / m2) and Barcelona (2,153 euros / m2).

Toledo is the most economical province in Spain for the acquisition of residential property with a price of 815 euros per square meter. The Ciudad Real (833 euros / m2) and Cuenca (858 euros / m2) follow it.

San Sebastian remains the most expensive city in Spain in real estate terms, with a price of 3,889 euros / m2. The Catalan capital, Barcelona (3,717 euros / m2) and Madrid (2,913 euros / m2) follow it. Lleida, on the other hand, is the more economical capital of the province of Spain, with the price at 895 euros / m2, followed by Castellon (954 euros / m2) and Avila (1,005 euros / m2).

It should be noted that Idealista's real estate price index is based on an analysis of 428,647 advertisements that have been published in its database during the period from September 26 to October 28, 2016.

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