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Fotocasa: Second-Hand House Prices Rose by 8.4% YoY in March

10 April 2019 – El Confidencial

According to data from the real estate portal Fotocasa, second-hand house prices rose by 8.4% in the year to March 2019, the largest increase since 2007. The average price of a second-hand home now amounts to €1,900/m2, a figure not seen since November 2012.

The data shows that YoY prices recorded 30 months of consecutive increases in March, although a rise of more than 5% has not been seen for 16 months.

The price rises were led by 3 autonomous regions, in particular, which experienced double-digit rises, namely: Madrid (19%), the Balearic Islands (12.5%) and the Canary Islands (11.8%), but prices rose in 16 of the 17 regions. Asturias was the only region to experience a price decrease, of -0.03%.

On average, house prices are still 35.6% below their peak, which was recorded in April 2007 (€2,952/m2).

In terms of average prices, Madrid (€2,976/m2), País Vasco (€2,810/m2) and the Balearic Islands (€2,617/m2) were the most expensive autonomous regions to buy a second-hand home in March. By contrast, Extremadura was the cheapest region (€1,108/m2), followed by Castilla-La Mancha (€1,141/m2), Murcia (€1,164/m2) and La Rioja (€1,402/m2).

By province, 43 of the 50 provinces recorded positive quarterly price variations and seven registered inter-annual price variations of more than 10%, specifically: Madrid (19%), Alicante (15.6%), the Balearic Islands (12.5%), Málaga (12.4%), Las Palmas (12.1%), Santa Cruz de Tenerife (11.4%) and Guadalajara (10.9%).

In Madrid Capital, 18 of the 21 districts saw price increases in March, led by Carabanchel (4%), Vicálvaro and Barajas (both 3.5%). Meanwhile, prices decreased in Chamartín (-3.3%), Latina and Usera (both -0.4%).

Meanwhile, in Barcelona, second-hand house prices rose in 5 of the 10 districts in March, led by Sants – Montjuïc (1.9%), Sarrià – Sant Gervasi (1.4%) and Gràcia (1.2%). The largest QoQ price decrease was recorded in Sant Martí (-1.1%).

Original story: El Confidencial (by E.S.)

Translation/Summary: Carmel Drake