House Prices Return to 2004 Levels
July 20th, 2012
According to data from the Ministry of Development, the average price of housing stood at 1,606.4 euros per square metre in the second quarter, with a drop of 2.6% over the previous quarter and falling by 8.3% over the same period of 2011.
This house price data reflects an acceleration of the falling prices shown in 2011 and remains far from the maximum level reached four years ago when the price per square metre exceeded 2,000 euros.
According to this statistical series released by the Ministry of Development, the average price per square metre has fallen 23.6% since its peak in the first quarter of 2008.
Meanwhile, Cinco Dias reported that the average price per square metre of private housing of up to two years old stood at 1,645 euros, with a decline of 7.1% year-on-year. As for private housing over two years old, the price reached 1,593.3 euros per square metre, down 8.4% year-on-year.
The average price per square metre of protected housing in Spain was 1,157.1, almost the same price as registered in the first quarter of 2012. The variation over the same quarter of 2011 shows a drop of 0.4%.
The number of real estate valuations for the calculation of housing prices was 85,911 in the second quarter of 2012, representing an increase of 2.0% compared to those carried out in the first quarter of 2012.
The regional distribution shows year-on-year declines above the national average (-8.3%) in Andalusia (-10.8%), Catalonia (-10.8%), Madrid (-9.7%), Aragon (-8.9%) and Valencia (-8.4%). With falls below the national average are Cantabria (-0.6%), Ceuta and Melilla (-2.0%), the Basque Country (-2.4%), Murcia (-5.4%), La Rioja (-5.6%), Navarra (-5.8%), Asturias (-6.0%), Castilla y León (-6.2%), Extremadura (-6.7%), the Canary Islands (-6.8%), Galicia (-7.1%), the Balearic Islands (-7.1%) and Castilla La Mancha (-7.3%).
For municipalities with populations of more than 25,000, the highest prices per square metre were in San Sebastian, 3,856.7 euros, Getxo, 3,282.0 euros, Leioa, 2,935.0 euros, Majadahonda, 2,923.6 euros, Errentería, 2,780.3 euros and El Prat de Llobregat, 2,755.5 euros.
In towns with more than 25,000 inhabitants the lowest prices per square metre were recorded in Elda, 736.8 euros, Tomelloso, 740.4 euros, Crevillent, 740.6 euros, Hellín, 744.8 euros and Villarrobledo, 746.8 euros.
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