Fotocasa: Second-Hand House Prices Remain Stable In January
9 February 2017 – El Economista
Second-hand house prices remained stable during the first month of 2017, at €1,649/m2, compared with December 2016, according to data compiled by Fotocasa.
Specifically, the real estate portal said in a statement that this data shows “once again” that second-hand house prices are stabilising and are leaving the losses of recent years behind them.
Meanwhile, the Head of Research at Fotocasa, Beatriz Toribio, confirmed that the second-hand home segment is proving itself to be one of the “main engines” behind the reactivation that the real estate market is experiencing and that is being reflected in prices.
During January, the price of second-hand homes rose by 1.6%, to record four consecutive months of YoY increases of more than 1%.
According to Fotocasa, average house prices in Spain have recorded a cumulative decrease of 44.1% since their historical peak of €2,952/m2 in April 2007.
Currently, 12 autonomous regions have recorded decreases of more than 40% since their peaks of nine years ago. The regions that have seen the highest price decreases are: La Rioja (-58.1%), Aragón (-53.1%), Navarra (-52.8%) and Castilla-La Mancha (-52.6%).
In January, the average price of a second-hand home rose in seven autonomous regions, namely in: Extremadura (+1.3%), Castilla-La Mancha (+0.9%), Navarra and the Canary Islands (+0.4%), Castilla y León and País Vasco (+0.3%) and Cataluña (+0.2%).
By contrast, Murcia (-2.2%) was the region where house prices decreased by the most, followed by Aragón (-0.9%), Madrid and the Balearic Islands (-0.6%), Galicia (-0.5%), Cantabria (-0.4%) and La Rioja, Asturias and Andalucía, where prices decreased by -0.1%.
The most expensive autonomous region was still País Vasco, at €2,706/m2, followed by Madrid (€2,241/m2) and Cataluña (€2,095/m2), whilst the cheapest regions were Castilla-La Mancha (€1,048/m2), Extremadura (€1,105/m2) and Murcia (€1,120/m2).
Original story: El Economista
Translation: Carmel Drake