Used Housing Prices Fell by 7.4% in 2013

house_prices_fallDuring 2013 the price of existing homes in Spain experienced a decline of 7.4%, putting the price per square metre at 1,734 euros.

According to the latest price index, 96.5% of all the municipalities analysed saw their prices fall throughout the year. Prices in all regions reduced over the last 12 months, with only two provinces and one capital maintaining positive figures at the year’s end.

The largest decreases occurred in La Rioja, where in the last twelve months prices have fallen by 14.4%, followed by Cantabria (-11.6%) and Castilla-La Mancha (11.4%). The smallest decline was registered for Madrid (-3.9%), the only region in Spain with a decline of below 7%.

The Basque Country remains the most expensive region (at 2,883 euros per square metre), followed by Madrid (2,641 euros), Catalonia (1,918 euros) and Cantabria (1,854 euros).

In contrast, the cheapest regions are Castilla-La Mancha (1,065 euros per square metre), Murcia (1,088 euros) and Extremadura (1,090 euros).

Only the provinces of Lugo and Ourense experienced increases in their prices during 2013 (by 6.2% and 1.5% respectively). All the other markets recorded decreases. The largest decline occurred in La Rioja, where sellers are asking for 14.4% less than a year ago for their homes, followed by Guadalajara (-13.9%), Cuenca (-13.8%), Zamora (-13.6%) and Castellón (-13.4%).

El Economista reported that the ranking of the most expensive provinces remains unchanged, led by the Basque provinces of Guipuzcoa and Vizcaya, at 3,221 and 2,930 euros per square metre, respectively. They are followed by Madrid (2,641 euros per square metre) and Barcelona (2,168 euros).

Only three provinces registered prices lower than 1,000 euros per square metre. Of these, Cuenca is the cheapest province with a price of 935 euros per square metre, followed by Ciudad Real (986 euros) and Toledo (990 euros).