Spain property prices fall 1.1% in August

Tuesday, September 07, 2010

Spain property prices fall 1.1% in August

The average resale price of a home Spain depreciated by 1.1 per cent in August, compared to the previous month, according to the latest data released by Idealista.

The index shows that the average price of a resale property in Spain dropped from €2,365 (£1,963) per square metre (sqm) at the end of July to €2,339sqm (£1,941) at the end of August.

However, the ongoing lack of Spanish property sales suggest that Spain property prices need to fall further, despite the fact that values have plummeted in the past three years, mainly due to an oversupply of homes in the country.

The greatest prices falls were recorded in Catalonia (-2.4 per cent), Murcia (-2 per cent), and La Rioja (-1.6 per cent).

Despite the general residential price decline, asking property prices did rise in four autonomies. Resale properties in the Balearics increased by 2.3 per cent, followed by Navarre and The Basque Country (up 0.2 per cent), and Andalusia (up 0.1%).

The research also shows that the cheapest homes in Spain can be found in Extremadura, Murcia and Castile-La Mancha.

The most expensive Spanish properties are located in The Basque Country, Madrid and Catalonia.

To read our guide to buying property in Spain, click here


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