Q1 2014: Houses Cheapen 3.5%, the Slighest Fall Since 2010

29/05/2014 – Expansion

In the first quarter of 2014, housing prices registered a 3.5% decline on average if compared to the same period a year before. The values saw the smallest depreciation since the fourth quarter of 2010 when the numbers hit similar.

Comparing to the last quarter of 2013, the prices went down by 0.5%, the data provided by the Ministry of Development informs.

When it comes to free-market properties, an average price per square meter post €1.459,4, falling by 3.8 % in year-on-year and by 0.5 % in quarterly terms.

According to the same source of information, non-subsidized housing accumulates a slump of 30.6% since its maximum values (over 2.000 €/sqm) in 2008.

Houses being below two years old (new) sold for 1.522,7 Euros per square meter, by 3% less than in the same period 2013, whereas used dwellings declined by 4.2 % to 1.437,2 €/sqm.

Subsidized units closed the first quarter standing at 1.098 €/sqm, by 2% lower than a year before.

As per regions, the free-market properties fell the most abruptly year-on-year in La Rioja (10.8%), Castille-La Mancha (9.4%) and Aragon (8.3%). In the other, positive end, there were the Balearic Islands and Madrid with rises of 2.4% and 0.6% respectively.

Among cities with over 25.000 inhabitants, the highest prices were registered in San Sebastian (3.277,9 euros/sqm), Getxo (2.717,1 €/sqm), Alcobendas (2.559,9 €/sqm), Pozuelo de Alarcon (2.501,7 €/sqm), Barcelona (2.385,2 €/sqm), Madrid (2.375,6 €/sqm), Majadahonda (2.329,6 €/sqm) and in Bilbao (2.322,9 €/sqm).

On the other hand, the lowest-cost dwellings were found in Jumilla (527,1 euros/sqm), Ontinyent (541,9 €/sqm), Elda (564,5 €/sqm), Tomelloso, (585,7 €/sqm), Crevillent (605,0 €/sqm) and in Novelda (619,1 €/sqm).


Original article: Expansión (after Efe)

Translation: AURA REE