5 July 2016 – El Economista
The average price of second-hand homes in Spain amounted to €1,555/sqm in June, which represented an increase of 1.3% compared with December 2015, according to data from pisos.com, which show that the housing market experienced “good health” during the first half of the year.
Nevertheless, according to the CEO of pisos.com, Miguel Angel Alemany, citizens should continue to make a “significant effort” to become home owners, above all, at the beginning of operations due to the amount of savings that they require to cover the non-financed part of their purchases and the additional costs associated with property acquisitions.
“Monthly mortgage payments are more affordable than they used to be”, confirmed Alemany, indicating that fixed rate mortgage are providing borrowers with “more piece of mind” as they are able to enjoy fixed mortgage instalments for the duration of the repayment period. “Although Euribor is negative, fear of a possible increase in that reference index has made people much more cautious”, he added.
By autonomous region, the Community of Valencia (+4.49%), Galicia (+4.14%) and Aragón (+4.10%) recorded the highest price rises during the first half of the year, whilst the most marked price decreases were registered in País Vasco (-2.91%), Cantabria (-2.48%) and Andalucía (-1.82%). Meanwhile, the most expensive region in June 2016 was the País Vasco (€2,740/sqm) and the cheapest was Castilla-La Mancha (€952/sqm).
Original story: El Economista
Translation: Carmel Drake