Resale Home Prices Fell by 7.5% in November Year-on-Year

Posted by on Dec 15, 2013 in News

The price of second-hand housing stood at 1,745 euros per square metre in November, according the latest data from idealista.com, representing a drop of 7.5% over the same month of 2012. Month-on-month, this indicator also reflected a return to a downward trend, with a decline of 1.3% compared to October. The price of resale homes has declined in all regions. The lowest decreases in price were registered in Madrid, where the value per square metre fell by 0.3% over the previous month, followed by Galicia (-0.4%) and Aragón (-0.4%).      In contrast, the largest price declines occurred in La Rioja (-5.2%), Navarra (-2.2%) and Andalusia (-2.2%). With a price per square metre of 2,896 euros, the Basque Country is still the most expensive region, followed by Madrid (2,636 euros) and Catalonia (1,944 euros).     At the other end, the most economic regions are Castilla-La Mancha (1,076 euros per square metre), Murcia (1,090 euros) and Extremadura (1,103 euros). Read...

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Building Permits for New Homes Down 25.95% Year-on-Year

Posted by on Dec 15, 2013 in News

According to the latest data from the Ministry of Development, up to September, only 26,129 building licences were granted to build new homes, which represents a decrease of 25.95% compared to the 35,288 permits which were granted in the same period of 2012. This new decline comes after housing permits accumulated a drop of 43.5% in 2012, when the number of permits granted totalled 44,162, compared with the 78,286 issued in 2011. If the current rate of building application approvals to build new homes remains the same in the coming months, 2013 will close with a new annual record low of around 34,838 permits granted. The number of applications to build new homes remains far from the maximums recorded in 2006, when in the middle of the real estate sector boom they reached 700,000 in the first nine months of the year. In fact, since these maximum levels, the number of building permits has fallen by 96.15%. Read...

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Signs of Stabilisation in the Housing Market in Q3

Posted by on Dec 10, 2013 in News

The Association of Registrars’ housing statistics for the third quarter of 2013 showed that housing prices dropped by only 5.35% year-on-year in that period, and the number of transactions increased by 2%. “The results of the coming quarters will allow us to determine whether the incipient shift in trend is a fact or merely a temporary situation,” stated the Registrars. The current gentle annual decline in house prices, of 5.35%, calculated according to the House Price Index for repeat sales of the same property, translates to a 0.91% increase quarter-on-quarter. The Registrars indicated that “current prices are at levels similar to those reached in mid-2003″, and noted that their cumulative adjustment since the maximums reached during the boom years, is 31.07%. Read...

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Spain Registers Second Biggest Increase in Construction in Europe

Posted by on Dec 6, 2013 in News

The EU statistics office, Eurostat, reported last week that, during the month of September, Spain’s construction activity grew by 6.1% year-on-year, the second largest increase in the Eurozone, which in overall terms declined by 0.2%. The highest declines in construction activity were registered in countries such as Portugal (-14.9%), the Czech Republic (-11.8%), Slovenia (-7.9%) and Italy (-6.1%), while the increases were lead by Hungary (+9.3%), Spain (+6.1%) and the United Kingdom (+4.6%). Month-on-month, September over August, the Eurozone registered a decline in construction activity of 1.3% compared with the previous month, while in Spain construction grew by 0.3%. Read...

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Spain’s House Prices Record Lowest Decline in Three Years

Posted by on Dec 3, 2013 in News

Some positive news on the housing market in Spain. Just a few days ago the Ministry of Development published the finding that the number of home sales had fallen by only 6.8% between July and September. Now they have announced that the price of private housing fell by only 4.5% in the third quarter of 2013, compared to the same period of 2012, which is the most moderate decline recorded since the end of 2010 and early 2011. Specifically, the average cost per square metre of private housing stood at 1,495.3 euros, which is 4.5% less than a year ago (1,565 euros per square metre) and almost the same level as three months ago (1,481 euros per square metre). According to the Ministry’s historical statistical series, the average price per square metre has fallen 28.8% since its peak in the first quarter of 2008 (when it stood at 2,101 euros per square metre). Read...

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