Property values in Spain are still sliding downwards, yet statistics for the third quarter (July to September) published by the Ministry of Public Works show that they have only dropped by 4.5% in the last 12 months. This is 3.3% less than the annual rate for the second quarter when they were reduced by 7.8% from the second quarter of 2012.
The average value of a given property has now been calculated and stands at 1,495 euro per square metre, which is the same value as in 2004. Additionally, according to the ministry, house prices have only dropped by an average of 29% since their maximum values during the first quarter of 2008.
From the second quarter of this year to the third, property values have only fallen 0.5%, which indicates that prices may soon stabilise.
The price of new-build properties, which are those that are less than 2 year old, has fallen by a fairly tame 2.5% in the last year. Their average value is now registered as 1,564 euro per sq m.
Second-hand property (resale)
Resale prices, however, have been reduced by an additional 5.2% from last year. The average price of a second-hand property is now 1,473 euro per sq m.
Although house prices have fallen by 4.5% as a whole in the last 12 months, they have actually increased in four regions during this time:
- Madrid (+0.3%)
- Extremadura (+2.2%)
- Navarra (+2.8%)
- Balearic Islands (+4.4%)
Regions where average property values have fallen at a higher rate than the average are:
- La Rioja (-12.0%)
- Cantabria (-10.5%)
- Aragón (-10.2%)
- Castilla-La Mancha (-10.0%)
- Asturias (-9.9%)
- Cataluña (-8.6%)
- Castilla y León (-8.6%)
- Murica (-6.9%)
- Andalucía (-6.2%)
Galicia is the only region where house values have dropped by 4.5%, which is the same as the national average.
Nevertheless, there are a few regions where house prices have fallen at a rate below the national average:
- Valencia Region (-4.1%)
- Canary Islands (-3.2%)
- Basque Country (-0.2%)
For municipals with more than 25,000 inhabitants only, the most expensive average house prices are found in the following:
- San Sebastián (Basque Country) – 3,407 euro/sq m
- Getxo (Basque Country) – 3,120 euro/sq m
- Bilbao (Basque Country) – 2,658 euro/sq m
- Alcobendas (Madrid) – 2,619 euro/sq m
- Ibiza (Balearic Is.) – 2,573 euro/sq m
- Calvià (Mallorca, Balearics) – 2,534 euro/sq m
- Leoia (Basque Country) – 2,509 euro/sq m
- Sant Cugat del Vallès (Cataluña) -2,494 euro/sq m
- Basauri (Basque Country) – 2,493 euro/sq m
- Barcelona (Cataluña) – 2,466 euro/sq m
The most accessible property prices are found in the following municipals:
- Jumilla (Murcia) – 591 euro/sq m
- Elda (Valencia) – 605 euro/sq m
- Algemesí (Valencia) – 631 euro/sq m
- Ontinyent (Valencia) – 655 euro/sq m
- Tomelloso (Castilla-La Mancha) – 660 euro/sq mYecla (Murcia) – 669 euro/sq m