Madrid: Pre-Owned Houses Cost 59.1% Less Than in 2006

20/02/2014 – El Mundo

Second hand house price in Madrid continued the downward tendency begun in 2006 also in the second half of 2013. This time the rate shows a 11.84% depression compared to the previous year and the price sets itself at €1.615 per square meter, according to the report drawn by Tecnocasa real estate group. The agency considered such factors as price development within Madrid and location of properties.

Since the 2006 top, prices have plummeted by 59.18%. (…) That time, the price per square meter was equal to €3.956. Tecnocasa highlights the importance of property´s location when it comes to pre-owned houses. The most expensive zones in Madrid are Prosperidad (€2.312) and Chamberí (€2.643), whereas the lowest-cost dwellings are found in areas of Villaverde (€984) and Carabanchel (€1.229).

What is more, the report shows that price of those houses that have got a lift is higher than of those without it (€1.869 per square meter compared to €1.400).


Original article: El Mundo

Translation: AURA REE