Property prices stop falling
By: . 31 Jan 2016
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According to recent researches from the Property market report in 2015
carried out by one of the mayor property portals of Spain – Fotocasa,
the average price of second hand homes in Spain fell by -0.8% in 2015,
placing its value at 1,619 €/m2 compared with the figure of 1,632 €/m2
from the year at the end of 2014.
This yearly decline of -0.8% registered in 2015 is nearly five points lower than the decline from 2014 (-5.7%) and is the smallest decline recorded since 2007. According to the head of research for the portal, this is clear signs of the prices in Spain stabilising. They said that in 2015 the double digit declines registered in recent years were left behind, and that prices begun to climb in certain areas “because after falling up to 45.2% of its original value, the falling cost of housing has coincided with a re-opening of mortgage credit, which was crucial in order for the sector to recover again. As a result, we ended 2015 with more positive forecasts for the real estate sector". The property market values has actually seend a decline of -45.2%, on average, since it reached its historical peak in 2007 with a value of 2500 €/m2. The regions which have registered even greater accumulated declines since then are: La Rioja (-55.1%); Castilla-La Mancha (-52%); Navarra (-52%); Aragón (-52%); Murcia (-49%) and Valencia (-48%). Regisions which recorded the lowest accumulated declines in their housing prices are: Galicia (-31.5%); the Balearic Islands (-33.1%); Castilla y León (-36.3%) and the Basque Country (-37.3%). 5 regions recorded price increases at the end of 2015, the greatest being the increase registered for the Balearic Islands (+3.3%), followed by La Rioja (+2.4%), Madrid (+1.4%), Andalucía and Galicia (+0.7%). Signs of recovery are also evident in our specific coastal areas (Costa Blanca south) where prices are growing in prime locations near to the beach such as Campoamor, Cabo Roig, Playa Flamenca, La Zenia and Punta Prima. |
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