The 2008 Crash Lasted 7 Years and Industrial Property Prices Fell by 40%: What will Happen in this Crisis?

By last year, industrial assets had recovered only 17.5% of the value that they lost during the 2008 real estate crash, after dipping to minimum levels in 2014. According to the College of Registrars, the average transaction price was €527/m2 at the end of 2019.

By last year, industrial assets had recovered only 17.5% of the value that they lost during the 2008 real estate crash, after dipping to minimum levels in 2014. According to the College of Registrars, the average transaction price was €527/m2 at the end of 2019.

Like other asset segments, the 2008 financial and real estate crisis hit the industrial market hard. The average transaction price of industrial assets went from €792/m2 to €471/m2, whereby losing 40.5% of their value.

The decrease in prices lasted 7 years, from their peak in the fourth quarter of 2007, to when they bottomed out in the third quarter of 2014. “From that moment, transaction values ​​remained stable for two and a half years, until in the second quarter of 2017, when they began to rise slowly at a rate of between 5% and 6% year-on-year,” says Antonio Ramudo, Data Scientist at Brainsre.

Thus, by the end of 2019, according to the Registrars, with respect to the minimum levels reached in 2014, only 17.5% of the value lost during the crisis had been recovered, with an average price of €527/m2. The current crisis is showing signs of exceptional severity throughout the world, but it is true that the industrial segment is being hit less hard thanks to the dynamism of e-commerce during this time of lockdown.

Variation in prices

The autonomous regions with the most expensive industrial products are also those that suffered the greatest decreases in absolute values. As such, the gap between the maximum prices of 2008-2009 and the minimum prices reached after the fall was greater.

In this way, the regions with the highest average transaction value at present are the Balearic Islands (€1,513/m2), the Community of Madrid (€1,371/m2), País Vasco (€1,263/m2), the Canary Islands (€1,190/m2) and Cataluña (€1,111/m2).

They represent the three most important industrial centres in the country plus the islands, which due to the scarcity of this type of product tend to have more expensive prices. All regions are currently well below the maximum values ​​they reached before the bubble burst in 2008.

Impact of the fall and recovery

With a 61% loss in value, the Canary Islands was the region that suffered the largest drop in prices during the last crisis. Aragón, Cantabria, Galicia and the Balearic Islands were the other autonomous regions that suffered the greatest price decreases, with more than 55% being knocked off their value”, says Antonio Ramudo.

Pontevedra was the province whose prices suffered the most as a result of the 2008 crisis, with a decrease of 70%, from €809/m2 in the third quarter of 2008 to €243 euros/m2 in the first quarter of 2014. Many industrial estates along the Vigo – O Porriño axis witnessed that fall, which lasted for more than 5 years. Huesca was another province that suffered badly during the previous crisis, and with minimum and maximum prices similar to those of Pontevedra, it suffered a 69% decline in transaction values.

50% decreases in Madrid and Cataluña

Nor were the large capitals spared from the crisis. Prices in Madrid fell by 50%, in Barcelona by 52% and Sevilla, which suffered the most, by 66%.

After the 2008 crisis, “36 of the 52 provinces that make up Spain saw a decrease in their average transaction prices of more than 50%. Extremadura was the autonomous region that got off the lightest, although transaction values there still fell by 40%. Nevertheless, it is worth noting that it has always been the region with the lowest prices, so the margin for loss was also lower”, says the Data Scientist.

And amongst the provinces, those that fell by the least were the ones that reached the lowest maximum prices, and therefore had the least to lose: Jaén, Granada, Cáceres, Albacete and Palencia all suffered decreases of less than 40%.

“It is interesting to see also how the various regions have been recovering after leaving behind the crisis of 2008. The islands are the regions that have recovered the best thanks in part to the shortage of product there. In the Balearic Islands and the Canary Islands, 27% and 30% of the value lost has been recovered, respectively”, says Ramudo.

Recovery

Murcia is the mainland region where prices have recovered the most, with 28% of the value recovered with respect to their maximum prices. Madrid has recovered by 22% and Barcelona by 11%. Up to 21 provinces have recovered by less than 20%.

Some regions have recovered almost none of their value: Castilla-La Mancha is currently at values ​​close to the minimums reached in 2015, and prices in Castilla y León are now the lowest they have been for the last 15 years.

“In general, it could be said that since the falls after the crisis slowed down in 2014 and 2015, transaction values ​​have remained fairly stable in almost all regions. Although, there has been some slight price growth since 2017 in places with more demand, thanks in part to the boom in the logistics segment, a leading product in the sector in recent years”, concludes the analyst.

Duration of the fall

Unlike the coronavirus crisis, the 2008 crisis reached different regions in Spain at different times; maximum prices were reached in Cataluña, Aragón, Castilla-La Mancha and Castilla y León in 2007, with the Aragonese region peaking first, in the first quarter of 2007, before starting a prolonged 10-year price drop.

Most regions began to register price decreases between 2008 and 2009, with the tardiest ones, Galicia and País Vasco, seeing their prices fall in 2010. Extremadura was the territory where the recovery after the crisis began first, since during the third quarter of 2012, after three years of decline, prices there bottomed out and began to rise. Prices in the Balearic Islands and La Rioja bottomed out in 2013, and in the rest of the regions between 2014 and 2015.

If we talk about the duration of this crisis, from the beginning and until the end of the price decreases, we see significant asymmetry between regions, from the shortest, less than 4 years, in Extremadura, Balearic Islands, La Rioja and Galicia, to the longest, 8 years, in Andalucía and, 10 years, in Aragon.

Madrid and the País Vasco, regions with important industrial centres, suffered falls that lasted 5 years, while Cataluña took almost 7 years to stop its fall.

The end of 2019

The provinces that closed last year (2019) with the highest average transaction values were the Balearic Islands (€909/m2, although that figure represents a recovery of only 7%), Bizkaia (€827/m2), Madrid (€837/m2) and Santa Cruz de Tenerife (€773/m2).

“The reason why these provinces recorded the highest average transaction values is due to factors such as scarcity and the limited nature of the industrial product, such as in the Balearic and Canary Islands, the long industrial history and constant demand in País Vasco and the importance of Madrid as a logistics centre”, describes Ramudo.

By contrast, the provinces that ended 2019 with the lowest average transaction values were Cáceres (€252/m2), Ciudad Real (€260/m2), Jaén (€261/m2) and Palencia (€262/m2). The lack of demand and their isolation, since they are located far away from the major industrial centres, make industrial assets unattractive products in these provinces.

Tinsa: Holiday Home Prices Rises Spread Along The Coast

15 June 2016 – El Mundo

Holiday home price increases have spread to more than twice the number of municipalities that they were seen in last year, with the Costa del Sol, Alicante, Balearic and Canary Islands enjoying the most active markets. Meanwhile, Castellón, the Cantabrian coast, Menorca and La Palma are still seeing price decreases/stabilisation. Those are the findings of the Coastal Homes 2016 report prepared by Tinsa, which shows that prices increased in 71 of the 136 municipalities analysed along the coast during Q1 2016, compared with 35 in 2015 and 4 in 2014.

The appraisal company explained that although this trend, “which is more in line with a stabilisation phase than a clear recovery” is spreading “gradually”, the coastal market is still “very heterogeneous”, given that prices in certain locations are still decreasing at an annual rate of more than 5%. The company added that the most repeated pattern is the absence of construction as well as of transactions involving land. (…).

By municipality, the towns of Teguise and Tías, in Lanzarote, recorded the highest YoY price rises during the first quarter, with increases of 17.8% and 14%, respectively, according to provisional data from Tinsa’s appraisals. They were followed by Gavà (Barcelona) and Benicarló (Castellón), both of which saw an increase of 13.2%, and Blanes (Gerona), where prices rose by 12.8%, with respect to Q1 2015.

The largest decreases were recorded in Piélagos (Cantabria), where the average price fell by 16% over the last 12 months; Antigua (Fuerteventura), down by 12.6%; and Los Alcázares (Murcia), with a decrease of 10.6%.

Price decreases of more than 50%

Similarly, the report shows that the Spanish coast accounted for a large majority of the highest price decreases during the crisis. Of the municipalities analysed, the most intense reduction since 2007 was recorded in Mataró (Barcelona), where the average price has decreased by 59.8% since the height of the boom. (…).

Stable outlook

Tinsa’s forecast for the next few months is characterised by stabilisation. Tinsa expects prices to remain stable in just over half of the regions analysed in its report and for prices to rise in just over a third of the areas. This forecast for improving prices focuses primarily along the coast of Valencia Alicante, Málaga, Palma de Mallorca, Canary Islands and San Sebastián, as well as along some stretches of the coast in Gerona, Barcelona, Cádiz and Asturias.

In terms of the supply of holiday homes, the report notes that it mostly comprises second-hand properties. The stock generated in recent years as a result of the slowdown in financing and sales is gradually being absorbed.

Moreover, Tinsa’s technical network classifies the over-supply of holiday homes as “very abundant” in just 8 of the 55 regions. These include the northern coast of Castellón; the Manga del Mar Menor; the west of Almería; the south of Barcelona; the central stretch of the Tarragona coast; the western region of Cádiz and the eastern coast of Vizcaya.

To evaluate the degree of difficulty in terms of stock absorption, Tinsa concludes that the current stock is “manageable in the short term” in 56% of the regions. This group includes the coasts of the provinces of Girona, Valencia, Huelva, Granada and San Sebastián, as well as Ibiza, Fuerteventura and Lanzarote, and most of the provinces of Alicante, Murcia and Cádiz. (…).

Original story: El Mundo

Translation: Carmel Drake

Madrid & Barcelona: Drivers Of The Housing Mini-Boom

4 January 2016 – Expansión

The housing market is now in full recovery mode, driven by the improving labour market and access to credit. House prices rose by 1% in 2015, which represented the first year of positive growth following seven years of decreases. Specifically, the average price per square metre increased by 1% between Q4 2015 and the same period a year earlier, according to Tinsa’s Local Markets Index. This put an end to the decreases seen following the burst of the real estate bubble during which time house prices decreased by 40.7%, compared with their levels in 2007.

According to Tinsa’s report, this 1% increase was driven by a miniboom in the large urban markets of Barcelona and Madrid, which accounted for the majority of the overall upward swing, together with other smaller cities such as Badajoz and Ávila. Thus, the Catalan capital recorded a 8.7% increase, whilst prices in Madrid rose by 3.8%. Significant increases were also registered in Badajoz (5.7%), Ávila (4.3%), Ciudad Real and Cuenca (3.3% in both cases) and Palma de Mallorca (2.2%).

According to the experts, several factors have led to the relatively sharp rise in house prices in these areas, such as the decrease in the volume of stock and the increase in demand. On the other hand, these areas have fewer remaining unsold homes, which means that demand is pushing prices up much more quickly. Unsurprisingly, Madrid is one of the most liquid markets in Spain, according to Tinsa, since it only takes 7.2 months, on average, to sell a home in the province, compared with 10.2 months for Spain as a whole. In addition, Madrid and Barcelona are both highly attractive areas, with demand from overseas savers and other citizens moving from the rest of Spain and overseas to work in the two cities.

Both areas have also seen a marked adjustment in terms of prices in recent years. In 2007, locals in Barcelona used to have to spend 36% of their average incomes on mortgage repayments, making it one of the most expensive cities in Spain; now, they have to contribute just 22% of their salaries, in line with the national average. In Madrid, that figure is one point lower (at 21%) and it only takes 5.3 years of salary to acquire an average home there, compared with 5.9 years for Spain as a whole.

Nevertheless, this is not the case in all of Spain’s large capital cities. Valencia recorded timid growth of 0.6% in 2015, whilst prices in Sevilla fell by 0.3%. The decreases amounted to 1.6% in the case of Bilbao, to 4% in Zaragoza and 6.7% in Murcia, still heavily affected by the surplus stock.

The striking variations between Spain’s major capitals is also reflected by the marked differences that exist between the different types of market in Spain, given that the majority of the country is still experiencing price decreases, or at best, price stability. That is one of the reasons why Tinsa prefers to talk about “a trend towards price stabilisation, which will be consolidated over the coming year”, rather than a general upturn in prices. (…).

Original story: Expansión (by Pablo Cerezal)

Translation: Carmel Drake

INE: Rental Prices Decreased By 0.4% In August

22 September 2015 – El País

The average price of rental housing in Spain decreased by 0.4% in August, with respect to the same month last year, according to the Consumer Price Index (CPI) published by the National Institute of Statistics (INE) earlier this month.

As such, rental prices have recorded 29 consecutive months of decreases and are in keeping with overall CPI (-0.4%). In terms of the monthly trend, rental prices remain unchanged and so, the cumulative decrease for the first eight months of the year amounted to 0.3%.

By autonomous region, rental prices decreased in every region, with the exception of Cataluña (0.3%), the Balearic Islands (0.3%) and Galicia (0.1%), as well as Melilla (0.7%). Meanwhile, the most marked decreases were recorded in La Rioja (-2.9%), Valencia (-1.3%), Madrid (-1.1%), Murcia (-1%), Castilla y León (-0.7%), Castilla-La Mancha (-0.7%), Andalucía (-0.6%) and Asturias (-0.5%).

Aragón, Cantabria and Navarra recorded decreases in line with the national average (-0.4%); and the Canary Islands, Extremadura, País Vasco and Ceuta experienced decreases of -0.2%.

Original story: El País

Translation: Carmel Drake

“Lifestyle Investors” May Be Essential For The RE Recovery

9 July 2015 – El Mundo

The international estate agency Lucas Fox has published a report about the Spanish real estate sector, which illustrates the changes that the market has experienced since 2005, with prices peaking in 2007 and subsequently dropping until the middle of 2013. During 2014, the sector experienced a period of moderate stabilisation, before the current recovery kicked in with a stronger emphasis on high-quality properties and a long-term view of investment linked to lifestyle.

According to the agency, prices peaked in 2007, and remained stable in popular areas, such as the Costa Brava and Sitges, where they peaked in mid-2008. House prices then decreased by up to 40% in most areas, but less significant declines were observed in the “lifestyle markets” of Ibiza and the most sought-after areas of Marbella.

Meanwhile, prices experienced a steady decrease in Barcelona until Q3 2013, when the sector began to recover gradually to reach €3,263/m2 by the beginning of 2015.

On the other hand, Madrid and Valencia followed a similar pattern, but with lower values. The report prepared by the estate agency shows that both cities still have to maintain their quarterly growth rates in 2015. According to Alexander Vaughan, “over the last two years, thanks to the growing confidence in the recovery of the Spanish economy and in the Euro, in general, we have seen a revival in the market, with price adjustments at the global level”. Moreover, he adds that “Spain is as charming as ever and we are seeing a huge boom in the number of “lifestyle investors”.

Since mid-2013, the number of transactions has increased continuously in all of the regions served by the estate agency. This, the agency explains, indicates greater confidence in the market and more recognition from buyers. Nevertheless, there is still a long way to go before sales volumes return to their 2007 levels.

Original story: El Mundo

Translation: Carmel Drake

Tinsa: Madrid & Barcelona Lead Housing Market Recovery

1 July 2015 – Expansión

Tinsa’s IMIE Local Markets report says that Cataluña (with an increase of 1.3%) and Madrid (+0.6%) were the only regions that recorded house price increases during the second quarter 2015 with respect to the same period in 2014.

However, the speed of recovery is very different by region. In Navarra, Cantabria, Asturias, Valencia and Extremadura, YoY declines of more than 5% have been recorded, whilst in others, prices have also increased: Galicia and Castilla-La Mancha (by +0.6%, respectively) and País Vasco (+0.3%).

These figures have left Spain’s average price index in negative territory. It recorded a decrease of 2.9%, although that represented a slow down from the decline of 4.5% that the market ended the year (2014) with.

By province

There were YoY increases in six provinces, namely: Barcelona (+3.4%), Cuenca (+1.2%), Tarragona (+0.8%), Madrid (+0.6%), León (+0.4%) and Huesca (+0.3%). “With the exception of Barcelona and Madrid, where the evolution of prices in recent quarters seems to underpin the trend, we will have to wait and see whether this trend is consolidated in the other provinces”, says Tinsa in its report.

Meanwhile, there were decreases of more than 5% in 15 provinces. “If we analyse the behaviour of prices over the last four quarters, the province of Barcelona is the market that is displaying the clearest signs of recovery”, says the report. Madrid, Vizcaya, Girona and Toledo are the next best performing provinces in this ranking.

By capital

If we analyse data by capital city, we see that increases have been recorded in seven capitals. From highest to lowest, these were: Huesca (+5.2%), Barcelona (+4.9%), Málaga (+2.6%), Madrid (+2.5%), Guadalajara (+2.4%), Palma de Mallorca (+0.9%) and León (+0.4%). Meanwhile, prices in the cities of Burgos and León remained stable.

Decreases of more than 10% were recorded in four provincial capital cities (Córdoba, Almería, Oviedo and Ávila) in YoY terms and the reductions exceeded 5% in eleven capital cities during the last year.

Effort

Another interesting finding from the report is the level of gross financial effort required for the acquisition of a home, which has reduced between buyers since 2007. Specifically, it has decreased from representing 33% of annual income to 23%.

“If instead of taking into account the payment of the average mortgage, the calculation is performed on the market value of the home, according to Tinsa’s data, then buyers that have to make the greatest effort to buy a home are those in the Balearic Islands, where a borrower needs 12.2 years on average to pay off his property, versus the Spanish average of 5.8 years”, explains the document.

Finally, another important indicator is the average time it takes to sell a home in Spain, which currently stands at 10.6 months.

Original story: Expansión (by M. G. Mayo)

Translation: Carmel Drake

Tinsa: Coastal House Sales – Marbella & Málaga In Top 5

12 June 2015 – El Mundo

Marbella and Málaga were ranked fourth and fifth in the national coastal real estate market for house sales in Spain in 2014, with 3,997 (+28.7% YoY) and 3,947 (+25.4%) homes sold in each municipality, respectively, according to the latest report from Tinsa (the real estate valuation and advice company), which contained data relating to forty Spanish towns.

The first three in the ranking were: Barcelona (12,819), Valencia (6,474) and Torrevieja (4,136). (…)

In addition, Mijas and Estepona, with more than 2,000 transactions each, also sat near the top of the national list, if we exclude provincial capitals.

In line with the recovery that is happening at the moment on the Costa del Sol, and according to data from the Ministry of Development, Torremolinos and Benalmádena are also performing extremely well, with growth rates in terms of house sales of 70% and 55%, respectively, in 2014 compared with 2013. Those figures place them in the ‘top 4’ in terms of percentage increase in activity.

According to the findings of this report from Tinsa, entitled “Homes on the coast”, “the markets with the greatest presence of international buyers are those where prices have stabilised first”.

On the basis of this and other data, the technical network of the entity that prepared the study, also cites “areas of recovery” on the Andalucían coast between Marbella and Benahavís,. Furthermore, “it detects signs of improvement” in Rincón de la Victoria, Nerja and around Manilva, Estepona and Casares, as well as in other towns in the Andalucían region. In the latter, prices have decreased by 61.5% from their peak, the largest decrease in the national study.

Original story: El Mundo (by Francis Mármol)

Translation: Carmel Drake

Ministry Of Development: House Prices Rise In 7 CCAA In Q1 2015

2 June 2015 – Cinco Días

The Canary Islands, Aragón and Madrid lead the ranking in Q1 2015.

In real terms, the average national increase was 0.9%.

In Spain as a whole, the average price of unsubsidised housing amounted to €1,457.90/m2 at the end of Q1 2015. This represents a negative variation with respect to the previous quarter (-0.36%) and the previous year (-0.11%), according to data published on Monday by the Ministry of Development.

However, this decrease did not take place in every region. Positive variations were recorded in some regions with respect to the same period in 2014. House prices increased in 7 regions: Canary Islands (3.56%), Aragon (1.9%), Madrid (1.67%), Valencia (0.69%), Extremadura (0.57%), Balearic Islands (0.1%) and Andalucía (0.05%).

The other regions experienced YoY decreases: Asturias (-6.53%), Castilla y León (-3.72%), Navarra (-3.15%), Galicia (-2.29%), País Vasco (-1.47%) and Murcia, Ceuta and Melilla (-1.35%).

At the national level, and in real terms, the price of unsubsidised housing experienced a YoY increase for the second consecutive quarter, rising by 0.9%.

If we look at the historic series of the Ministry’s statistics, the average price per square metre has decreased by 30.4% since its peak in the first quarter of 2008. The decrease has been even greater in real terms: 36.3%.

The five regions in which prices have decreased the most are: Aragón (-38.47%), Murcia (-38.28%), Castilla – La Mancha (-38.25%), Valencia (33.89%) and Cataluña (33.56%). At the other extreme (where prices have decreased the least) are the autonomous cities of Melilla (-5.19%) and Ceuta (-8.63%), followed by Extremadura (-16.75%), País Vasco (-20.52%) and the Balearic Islands (-22.74%).

In towns with more than 25,000 inhabitants, the highest prices per square metre are located in four regions. The two most expensive municipalities are in País Vasco, with San Sebastián leading the ranking (€2,996/m2), followed by Getxo (€2,663/m2). In third place is the Madrid suburb of Pozuelo de Alarcón (€2,489/m2). Calvía (€2,438/m2) in the Balearic Islands occupies fourth place and Sant Cugat del Valles (€2,433) in Cataluña is in fifth place. The cities of Madrid and Barcelona occupy sixth and seventh places (€2,411/m2 and €2,397/m2, respectively).

The cheapest places include Elda (€591/m2); Almendralejo (€592/m2); Tomelloso (€610/m2); Ontinyent (€611/m2); Jumilla (€620/m2); Novelda (€628/m2) and Credvillent (€632/m2).

Finally, the average price of subsidised social housing in Spain during Q1 2015 was €1,095.40/m2, i.e. 0.41% lower than during Q4 2014, whilst the variation with respect to the same quarter in 2014 was a decrease of -0.68%.

Original story: Cinco Días (by Amanda Andrades)

Translation: Carmel Drake

Repossessions Still ‘Haunt’ Mortgages Granted At End Of The Boom

6 March 2015 – Cinco Días

So far, the economic recovery has not been sufficient to slow the increase in the number of mortgage foreclosure processes. In fact, 2014 closed with a total of 119,442 mortgage foreclosures in the property register, of which 70,078 related to homes (5.9% more than a year earlier), according to figures released by INE on Wednesday. The statistics also revealed that six out of every 10 of these processes (61.6%) related to loans granted between 2005 and 2008, i.e. at the end of the real estate boom.

Those are the most vulnerable loans; the ones that have the highest probability of ending up in foreclosure, as a result of what happened in the market. For the individuals who purchased their home between 2005 and 2008 paid the highest prices ever seen. If we add to the mix the fact that they were also more likely to be granted so-called high-risk mortgages, i.e. those with a loan-to-value ratio of more than 80%, then when prices began to decrease in 2008, their own particular terrible ordeal began.

Although no official statistics are compiled about how many mortgages with high loan-to-value ratios were granted during that period, during the bubble, they (are estimated to have) accounted for up to 18% of new loans (today they account for more than 13% of new mortgages, according to the Bank of Spain). This means that as soon as property prices decreased, the holders of those mortgages were trapped in a situation whereby they were technically bankrupt (with negative equity), since their liabilities (the debt pending payment on their mortgages) was greater than the value of the assets (the price they would obtain for their homes even if they managed to sell them).

Naturally, “when you are facing financial difficulties and you know that even if you sell your house you won’t be able to pay off your mortgage due to the loss in value of your property, then thaat acts as a kind of incentive to not continue making your mortgage repayments”, admits one financial institution.

In addition to the situation being faced by the holders of these mortgages, INE’s statistics also show that more mortgage foreclosure processes were recorded in 2014 than during the previous year. Of the more than 70,000 processes relating to homes, 44,682 related to homes that were owned by individual people and of those, 77.6% or 34,680, were processes in which the house that formed the subject of the process was the primary residence of the family unit, up 7.4% from 2013.

Foreclosure versus eviction

This is a pressing situation for the families and a tragedy in every single case, but as INE explained yesterday in its press release, not all of the mortgage foreclosures that are initiated and recorded in the property register end with the eviction of the owners. This is because the legal process that is launched at that stage (and counted for statistical purposes) may give rise to a number of alternative outcomes, such as an agreement to restructure the debt, which would prevent the owners from losing their property.

Moreover, if we compare this figure of 34,680 primary residences affected by a mortgage foreclosure process over the total number of family homes that exist in Spain (18,362,000), the percentage of those affected by a possible eviction amounts to just 0.18%. Another way of looking at the significance of these figures is to take the number of mortgages constituted during the period 2003-2013 over the total number of homes, as a benchmark. In this case, only 0.9% of the mortgages constituted resulted in a mortgage foreclosure process in 2014.

Another interesting fact from INE is that 16.3% of the mortgage foreclosures over homes last year were initiated over new homes, whilst the remaining 83.7% related to second-hand homes. In the case of new build properties, that figure represented a decrease of 4.3%, due to the ever decreasing weight of those properties in the market; whereas in the case of second-hand homes, there was a notable increase of 8.2%.

Original story: Cinco Días (by Raquel Díaz Guijarro)

Translation: Carmel Drake