Spain Resale House Prices Fell by -0.4% in October

The average price of second handhomes in Spain stood at 1,640 €/m2 in October, registering a month-on-month decline of -0.4%, according to data from property portal, fotocasa. Quarter-on-quarter resale prices fell by -0.2% in October, while year-on-year prices increased by 0.1%.

Since the record values recorded in April 2007, of 2,952 €/m2, the average price of second hand homes in Spain have accumulated a decline of -44.5%. In fact, since the maximum prices registered eight years ago, 10 of Spain’s regions have recorded declines in excess of -40%, with La Rioja registering the greatest decline in resale prices (-54.2%), followed by: Aragón (-51.8%); Navarra (-51.5%); Castilla-La Mancha (-50.9%); Murcia (-48.2%); Valencia (-47.1%); Catalonia (-46.2%); Asturias (-44.6%), and Madrid (-43.8%).

Month-on-month, five regions recorded increases in second hand housing prices in October, the greatest being those registered in Castilla y León (+0.7%), Cantabria (+0.5%), Galicia (+0.3%) and Castilla-La Mancha (+0.1%). In contrast, the greatest declines registered in the month were in the regions of Aragón (-1.1%), Andalucía and the Basque Country (both with -0.6%) and the Balearic Islands (-0.5%).

With an average price of 2,801 €/m2, the Basque Country is still the most expensive region of Spain, followed by Madrid (2,232 €/m2) and Catalonia (2,080 €/m2), while the regions with the most economical resale housing prices are Castilla-La Mancha (1,086 €/m2), Extremadura (1,136 €/m2) and Murcia (1,190 €/m2).

Some 16 provinces recorded price rises in monthly terms, with increases ranging from 1.1% in Pontevedra to 0.1% in Asturias. In contrast, prices fell in 33 provinces, with the greatest declines being recorded in Cáceres (-2.7%), Almeria (-2.1%), Lleida (-1.7%) and Cuenca (-1.4%), while the only province where prices remained unchanged in October was Toledo (956 €/m2).

Guipúzcoa was the most expensive province in October (3,095 €/m2), followed by Vizcaya (2,800 €/m2), while the cheapest provinces for resale housing were Toledo and Ciudad Real, with average prices of 956 €/m2 and 1,002 €/m2, respectively.