The prices of resales went up by 1% during the month of August and this is the biggest monthly rise in the last 8 years, informs real estate listing portal Fotocasa.es. However, in year-on-year terms, the values continue to plummet (-6.3%).
Moreover, it is the second positive monthly development for the existing homes this year after an appreciation of 0.2% registered in January when average price of a resale post 1.656 euros per square meter.
Besides, in August housing prices in general increased in thirteen out of seventeen Spanish regions, among which Murcia led with +3.3%, followed by the Balearic Islands (+2.7%), the Canaries (+2.5%) and Catalonia (+2.4%). Also, existing units became more expensive in 62% of all provinces, oscillating between 0.2% in Burgos and 4.9% in Toledo.
In this way, since 2007 peaks, the second-hand dwellings contracted by 43.9%.
What is more, Fotocasa indicates that the adjustment accumulated during the recession exceeded 40% in a dozen of the regions of Spain.
For instance, in La Rioja houses cheapened most (-54.4%), but so they did in Navarre (-50.1%), Aragon (-49.7%), Castille-La Mancha (-48.8%), Murcia (-46.6%), Catalonia (-46.5%), the Valencian Community (-45.6%), Madrid (-44.5%), Andalusia (-42.9%) and Asturias (-42.4%).
Original article: El Economista
Translation: AURA REE