02:17 PM · Comments Off on Price per m2 on Spanish property suffers a further drop of 10.5% · Categories: News from Marbella Costa del Sol · Tags: , , , , ,

Housing sales reached 28,418 units in October this year representing a drop of 8.9 % over the same month of 2012 according to the general council of notaries which is one organisation with the freshest data to be obtained from the writings of notarised purchases.

Property purchases and sales of homes fell 13 % yoy, while transactions of single family homes showed an increase of 10.6 % yoy, but on a very small number of operations therefore increasing its volatility.

Price per m2

Moreover notaries indicate that the average price per m2 of homes sold in October stood at 1,204 euros, thus suffering a further drop of 10.5 % yoy.

in the case of flats, the average selling price was 1,320 euros per m2, thus suffering a fall of 14.1 % and 1,315 euros for resale, 1.3 % to 1,341 euros per m2

Mortgages

The number of new mortgage loans to purchase dwellings in October suffered another year decline of 22.5 % to 20,575 mortgages, in the case of the purchase of a home, the average loan amount was 116,822 euros, thus suffering a fall of 5.2%

On a positive note the number of foreigners purchasing property in Spain, especially in coastal areas is rising to help counteract the downward trend in Spanish nationals being unable to buy, due to high unemployment and fewer mortgages being granted.

spain_residential_price_index