Second Hand House Prices in Spain Rose by 0.6% in July 2016
The average price of second hand housing in Spain stood at around 1,627 €/m2 in July and registered a month-on-month increase of 0.6%. This slight monthly increase, shows once again, that the price of second hand housing is stabilising, leaving behind the large declines of recent years.
Prices fell by -1.1% year-on-year in July, continuing the trend of recent months. The slight year-on-year declines registered this year indicate that the price of housing is stabilising in much of the country, with some areas already showing a recovery in prices, such as the large cities of Madrid and Barcelona, as well as some provincial capitals, the Islands and the main tourist destinations on the Mediterranean coast.
Drop of housing prices since the financial crisis
Since prices registered an all-time high in April 2007, of 2,952 €/m2, the average price of second hand homes in Spain have accumulated a decline of -45%. In fact, some 12 of Spain's regions have registered accumulated declines in excess of -40% since the peak levels reached nine years ago, with La Rioja in the lead, having accumulated the greatest decline (-57.5%), followed by: Castilla-La Mancha (-53.4%); Navarra (-52.8%); Aragón (-52.2%); Murcia (-50.4%); Catalonia (-48.3%); Valencia (-47.2%); Asturias (-45.9%); Madrid (-43.3%); Andalucía (-42.4%); Extremadura (-42.3%) and Cantabria (-41.1%).
All data region by region
A total of 11 of the 17 Spanish regions registered increases in average second hand housing prices in July. The region which recorded the greatest increase was Extremadura (2%), followed by Cantabria (1%) and Castilla-La Mancha (0.8%).
In contrast, La Rioja registered the biggest drop in second hand housing prices in July (-1.1%), followed by Aragón (-0.4%), the Canary Islands and the Basque Country (both -0.2%).
In terms of prices, the Basque Country remains the most expensive region in Spain, with an average price of 2,735 €/m2, followed by Madrid (2,250 €/m2) and Catalonia (2,000 €/m2) while, in contrast, the regions with the most affordable second hand housing prices are Castilla-La Mancha (1,031 €/m2), Extremadura (1,085 €/m2) and Murcia (1,139 €/m2).
It has been also revealed that 31 provinces recorded month-on-month price rises in July, with the increases ranging from 3.9% in Cáceres to 0.1% in Ourense; Málaga; Guadalajara; Madrid; Álava; Salamanca and Palencia. In contrast, prices fell in 15 provinces, with declines registered ranging between -2.8% in Cuenca and -0.1% in Girona, the Balearic Islands, Tarragona and Guipúzcoa.
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