The price of second-hand housing has been reduced by an average of € 103,294 in ten years

The price of second-hand housing has been reduced by an average of € 103,294 in ten years

Posted by on Apr 6, 2017 in News

• When it reached the maximum price in 2007, a medium floor cost € 236,174 and now costs € 132,925. 
• Navarre is the community in which the price of second-hand housing has fallen the most, specifically € 142,861. 
• Baleares is the community Which has reduced the sale price (€ 58,475)

The price of second-hand housing in Spain has fallen by an average of € 103,294 since it reached the maximum price in April 2007, according to the latest analysis of real estate portal fotocasa . On that date, buying a home cost on average € 236,174 (€ 2,952 / m2) for a flat of 80 square meters and in February 2017 the average price stands at € 132,880. This reduction in the price of second-hand housing, € 103,294, is equivalent to a fall of -43.7% in ten years.

“These data presented fotocasa show that despite the recovery being experienced by the market, prices are still far from the highs reached before the crisis except in very specific areas of major cities and tourist destinations on the coast. But this difference in relation to the maximum prices is being reduced as a result of the improvement that the sector lives. A year ago, second-hand housing had been reduced by an average of 107,400 compared to April 2007 and today that difference has been reduced to 103,294 euros, “explains Beatriz Toribio, Head of Studies at fotocasa .

As for the reductions in the price of second-hand housing in the rest of autonomous communities is in Navarre where the largest fall. Specifically, the sale price has been reduced by an average of € 142,861 in nine years. It was in February 2007 when the maximum price was registered in Navarra (€ 3,395 / m2) and buying a house of 80 square meters cost € 271,600. Since then the price has been reduced by -52.6% and currently buying a second hand home in Navarra costs on average € 128,739.

On the opposite side, the Balearic Islands is the community that has seen the lowest selling price in recent years. Thus, the average discount was € 58,475 after reaching the maximum price in April 2007. On this date, buying a home of 80 square meters cost € 220,960 and in February 2017 buying a second-hand home costs € 162,485 .

CCAA table

As for prices, in February 2017, the community that has the most expensive price to buy a home is the Basque Country where to buy a home costs on average 216,372 € (2,705 € / m2). When registering the maximum price, in February 2006, buying a home in the Basque Country cost on average € 351,360 (€ 4,392 / m2). This difference represents a reduction of € 134,988, or what is the same, a fall of 38.4%.

At the other extreme, Castilla-La Mancha is the cheapest community to buy a second-hand home. On average, buying a house of 80 square meters costs € 83,291. When it registered its maximum price, in March 2007, buying a home cost on average € 177,040. This difference represents a reduction of € 93,749, or what is the same, a fall of -53.0%.

Read more