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Second-Hand House Prices Have Fallen By 44.5% Since 2007

25 November 2015 – El Economista

Second-hand house prices in Spain have decreased by €105,999, on average, since they reached their maximums in April 2007, according to the latest analysis from the real estate portal fotocasa.es. It reports a cumulative price decrease of 44.5% since the start of the crisis, when the cost of buying a home measuring 80m2 amounted to €236,174, on average.

“Second-hand homes are driving up the real estate sector at the moment. In addition to the extensive supply, these homes are more attractive in terms of prices, since they allow more room for negotiation and they are levied with lower taxes”, says the Head of Research at fotocasa.es, Beatriz Toribio.

By autonomous region

In terms of the reduction in second-hand house prices by autonomous regions, Cataluña is the region where prices have decreased the most. Specifically, sales prices have decreased there by an average of €142 ,512 in eight years, which represents a decrease of 46.1%.

At the opposite end of the spectrum, Extremadura is the autonomous region that has seen the lowest decrease in sales prices in recent years. There, the average reduction amounts to €59,745, after prices reached maximum in March 2007; this represents a decrease of 39.6%.

Original story: El Economista

Translation: Carmel Drake