The price of housing in Spain rose 0.7 % in the third quarter of 2013

01:49 PM · Comments Off · Categories: News from Marbella Costa del Sol · Tags: marbella property, price, rise, spain

The price of housing in Spain rose 0.7 % in the third quarter of 2013, the first increase since the second quarter of 2010, the housing price index (HPI ) compiled by the National Statistical Institute said 10 autonomous communities recorded increases, led by Balearic islands ( 2%) and Valencian Community ( 1.8%), however year on year it fell by 7.9%

Property prices in Spain have risen 0.7% in the last quarter

The annual rate of new housing fell by 7.9%, almost five points higher than the previous quarter, meanwhile the annual variation of the resale market decreased by 8%. Rates of a decrease by regions are, Ceuta (-3.8 %) , Basque Country (-5 %) and Cantabria (-5.4 % ) are recorded under the autonomies price falls, on the contrary, Murcia (-15 % ), Extremadura (-14 %) and Castilla-La Mancha (-12.9 %) are the regions where the greatest price falls were recorded.

in terms of quarterly performance , the price rose 0.7 %, the first increase since the second quarter of 2010. by type of housing, new housing prices rose 2.3 % and used housing , 0.1%

most CCAA had positive quarterly rates in the third quarter of this year. the largest increases were recorded in Balearic Islands ( 2%) and Valencian Community ( 1.8%). communities whose prices have fallen further in the third quarter were autonomous community of Navarre (-1.3 %) and asturias (-1.2 %)

Property price change per country – (Data supplied by Frank Knight Residential Research)

(Data supplied by Frank Knight Residential Research)

Price per m2 on Spanish property suffers a further drop of 10.5%

02:17 PM · Comments Off · Categories: News from Marbella Costa del Sol · Tags: drop, m2, marbella property, mortgages, price, spanish

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.

House Prices Will Close 2013 at Half of Pre-Crisis Levels

12:29 PM · Comments Off · Categories: News from Marbella Costa del Sol · Tags: buyers, decline, marbella property, market, price

The Spanish real estate appraisal company, Sociedad de Tasación, has estimated that the market value of housing in Spain will fall to 1,160 euros per square metre by the end of 2013, which will represent a cumulative decline of 51.7% since its historical maximum registered in 2007, of 2,401 euros per square metre, just before the economic crisis began.

According to the agency’s report, ‘Trends in the Real Estate Sector’, presented by the CEO of the company, Juan Fernández-Aceytuno, the price of housing has fallen by 15.7% in value year-on-year, to stand at 1,256 euros per square metre on average in September 2013.

Fernandez-Aceytuno forecast that home values will suffer another fall of 7.6% in the last quarter, which will bring the average price per square metre to 1,160 euros at the end of 2013.

The report noted that the price of new housing continues its downward trend and reached 2,212 euros per square metre at the end of September. They also predict that by the end of December the price of newly built housing will fall to 2,000 euros per square metre, which would mean a further drop in value of 9.5% from September to December.

The Sociedad de Tasación has also estimated that housing prices will continue their descent, indicated by the acceleration of the decline of recent years, since the year-on-year values compared with the third quarter of 2011, 2012 and 2013, registered declines of 10.5%, 13.2% and 15.7%, respectively.

Fernández-Aceytuno stated:”housing prices may continue to fall, but that does not mean that the activity is not recovering. In fact, I consider that activity in the housing market in Spain will recover before the price”.

Prices are down in what is now a buyers market

The study also shows that, between prices of dwellings classed as high quality or ‘prime’ and lower quality or sub-standard housing, there is more than 1,000 euros per square metre of difference. Year-on-year, high quality homes have decreased in value by 14.3%, while poor quality housing registered the largest decrease with a fall of 22.8%.

As reported by El Mundo, the Canary Islands and Valencia are the two regions with above-average declines in their housing market values, with declines of 16.5% and 18%, respectively, comparing year-on-year values for the third quarter.

Andalusia and Madrid came next, both with losses in value of 15.4%, followed by Castilla la Mancha (-15%), Aragon (-14.6%), Catalonia (-13.6%), Castilla León (-12%), Galicia (-11.6%), Navarra (-11.5%), La Rioja (-11.2%), the Balearic Islands (-10.4%), Murcia (-10.3%), Asturias (-9.4%), Extremadura (-9.2%), the Basque Country (-8.7%) and Cantabria (-4.9%).

Since registering their highest values before the crisis, Valencia, Catalonia, Castilla la Mancha and Madrid are the regions which have recorded the largest declines, with drops in the value of private housing of 51.2%, 50.5%, 46.5% and 46.3%, respectively.

Article source: Kyero.com