Spain’s Home Prices Dipped by €105.000 On Average Since April 2007 Peak

9/12/2014 – Yahoo Finanzas

Since their bumper height in April 2007, pre-owned homes in Spain cheapened by 105.186 euros on average, reports real estate portal fotocasa.es. At that time, buying an 80-square meter dwelling meant a cost of 236.174 euros (2.952 euros a square meter), and in November 2014, pricing leveled out at 130.988 euros, down 44.5 per cent in seven years.

‘Better figures appearing in the Spanish property market are pulled up by second-hand housing, which tempts both foreigners and Spaniards  with rock-bottom prices‘, said the Research Head at fotocasa.es, Beatriz Toribio.

Speaking of deepest slumps, the region of Catalonia undeniably wins asking a mean of 145.232 euros less than seven years earlier. Precisely, the depreciation hit 47 per cent if compared to the price of 309.136 euros for an 80 sq m apartment of that time. Currently, such a unit averages over there at 163.904 euros.

On the other hand, Extremadura has barely changed its prices over the last seven years. Namely, a mean discount applied by home-sellers was of 56.440 euros. In March 2007, they were dictating 150.560 euros, whereas in November 2014 the same resale dwelling would cost 94.120 euros.

When it comes to November 2014 prices, the most expensive region to buy a home was the Basque Country, where a unit stood at 232.950 euros on average (2.912 euros a square meter). Since the February 2006 peaks, the value dropped by 33.7 per cent and post 351.360 euros on average.

The other end of the ranking is led by Castille-La Mancha, a region which asks 89.740 euros for an 80-m2, existing property. This region registers a staggering, 49.3 per cent depreciation since the average of 177.040 euros in March 2007.

 

Original story: Yahoo Finanzas

Translation: AURA REE

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