Used Home Prices Declined 5.7% in May

According to real estate portal, Spanish second-hand housing cheapened 5.7% in May over May 2013, standing at 1.694 Euros per square meter.

The Balearic Islands and Cantabria were the only regions where values rose by 0.4%, whereas Madrid and Andalusia saw price stagnation. The rest of the Spanish regions registered falls, the most significant in Navarra (-1.3%), Castille and León (-1.2%), Galicia and La Rioja (-0.9% for both).

The Basque Country remains on the top of “the most expensive” ranking with 2.795 €/sqm, followed by Madrid (2.635 Euros) and Catalonia (1.889 Euros). On the other end, one may find Castille – La Mancha with low 1.024 Euros, as well as Extremadura and Murcia with average of 1.060 €/sqm.

Considering provinces one by one, prices went up in Teruel (1.5%), Toledo (1.2%) and Seville (0.6%), while they dipped down in Cordoba (-2.8%), Guadalajara (-2.5%) and Salamanca (-2.3%).

As usual, the most expensive provinces fill-in the Basque Country – in Gipuzkoa values post 3.163 €/sqm, while in Biscay they showed a mean of 2.838 €/sqm. They are followed by Madrid (2.635 €/sqm) and Barcelona (2.137 €/sqm).Cuenca appears as the cheapest with an average price set at 906 €/sqm.

Since the real estate bubble burst, nine capitals watched their housing prices falling by over 45%. The most affected by the lingering echo of the explosion were Lleida and Zaragoza with slumps equal to 54.3% and 50.7% respectively. Next, there position Huesca (-49.9%), Guadalajara (-48.7%), Valencia (-47.4%), Castellón (-46.9%), Cuenca (-45.6%), Ávila (-45.4%) and Girona (-45%).

Original article: El Economista (after E.P.)
Translation: AURA REE

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