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

December 9th, 2013

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

Only two Spanish provinces maintained positive prices during the month of November, with Ourense registering growth of 2.6% and León 0.8%. In all the other provinces the prices dropped, with the largest decrease being recorded in La Rioja (-5.2%), followed by Jaén (-4.5%) and Castellón (-3.8%).

The Basque provinces of Guipuzcoa and Vizcaya remained the most expensive provinces in the ranking, with 3,215 euros per square metre and 2,944 euros, respectively. They were followed by Madrid (2,636 euros per square metre) and Barcelona (2,196 euros).

Cuenca is the cheapest province with a price of 958 euros per square metre, followed by Ciudad Real (1,005 euros) and Toledo (1,008 euros).

During the month of November, the number of province capitals registering price increases dropped from 17 to 6, with León recording the greatest increase, of 1.2%, followed by Ourense where the increase was 1%, then Palma Mallorca and Barcelona (with respective increases of 0.4%). In contrast, the largest declines were registered in Cáceres (-4.4%), Jaén (-4.3%) and Pamplona (-2.9%).

According to idealista.com’s data, since the bursting of the housing bubble, nine province capitals have now seen their prices fall by over 40%. Lleida registered the largest post-bubble decline, where their prices dropped by more than half (-52%). Following Lleida came Zaragoza (-47%), Guadalajara (-46.4%), Huesca (-45.2%), Valencia (-44.9%), Castellón (-44.5%), Ávila (-43.9%), Girona (-41.8%) and Cuenca (-41.7%). In contrast, the only cities to register declines below 20%, were Lugo (-12.6%), Ourense (-14%), Palencia (-19%) and Coruña (-19.3%). These were followed by San Sebastian (-20.6%) and Teruel (-21.4%).

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