The Price of Second Hand Properties in Spain rose 0.5%

The average price of second hand housing in Spain in July stood at € 1,643 / m2 and registered a monthly increase of 0.5%, according to Rightmove. As for the quarterly change in July, housing prices increased by 0.4% compared to March 2015.

The average price of second hand properties in Spain has already accumulated a fall of 44.3% from its record high in April 2007, with € 2,952 / m2. In this regard, 11 autonomous communities have already fallen over 40% since prices peaked: La Rioja is the community that has seen the price fall the greatest (53.9%), followed by Navarra (51.5%), Aragon (50.6%), Castilla La Mancha (50.1%), Murcia (48%), Valencia (46.9%), Catalonia (46.2%), Asturias (44.5% ), and Madrid (43.4%).

11 autonomous communities that saw an increase to the prices of their property

In July, the monthly price of second hand properties rose in 11 regions of Spain. The sharpest increase was in Murcia (1.4%), followed by Canarias (1.3%), Madrid (1.1%) and Asturias (1%).

At the other end, the declines in the communities did not exceed a percentage point: Aragon (0.7%), Balearic Islands (0.7%) and the Basque Country (0.3%) were the most affected.

As for prices, the Basque Country remains the most expensive region in Spain, with an average price of 2,818 € / m2, followed by Madrid (€ 2,246 / m2) and Catalonia (€ 2,079 / m2) community. Conversely, Castilla-La Mancha (€ 1,104 / m2), Extremadura (€ 1,138 / m2) and Murcia (€ 1,194 / m2) are the regions in Spain with the most affordable second hand housing.

27 provinces and 413 municipalities saw a rise in the price of housing.

As for the evolution of housing prices by provinces, 27 provinces saw an increase to their monthly sales, such examples of this were 3.5% in Cuenca all the way to 0.2% in Teruel. By contrast, prices fell in 22 provinces, with Lugo (3.1%), Toledo (1.7%), Huesca (1.6) and Ciudad Real (1.6%), these provinces were affected the most by the price drop. Gipuzkoa was the only province that maintained its monthly price unchanged.

Regarding prices, Guipúzcoa was the most expensive province in July (€ 3,114 / m2) followed by Vizcaya (€ 2,823 / m2). On the other hand, the cheapest prices were found in Toledo and Ciudad Real, with an average price of 1,001 € / m2 and € 1,009 / m2.

Of the total 742 municipalities in Spain that were analysed, 413 of these municipalities saw an increase of housing prices in July, in 21 municipalities prices remained stable and the remaining 308 suffered a decrease in prices.

In Marbella, we have seen the turn of the market and now owner are increasing the selling prices of their properties on a daily basis, said Xcape Real Estate Managing Director, Fernando Garcés Chaves. When booking appointments to see properties, owners are asking us for the price we have their property listed at and 8 out of 10 times, owner readjust their prices...

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