House prices throughout Spain seem to be rising as the market slowly raises its weary head above the doom and gloom of 2012 and 2013.
Some areas do seem to be rising more quickly than others though. With credit being offered once again by the banks, the outlook is definitely more positive than it has been in recent years.
How long does it actually take to sell a property on average now? Well it depends on where the property is and what the demand is like in the area.
According to new findings, in Spain on average a property takes around 10.2 months to sell which is already considerably less time than it was six months ago, when the figures stated that on average it took 10.6 months, and even less so than the 11.5 months in 2014 and 13.2 months in 2013.
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Living in Spain’s most expensive region, Madrid, costs 43% more than in its cheapest, Extremadura, according to a study presented by Jaume García, former head of the National Statistics Institute and now a professor at Catalonia’s Pompeu Fabra University.
What’s more, the study, which was commissioned by the Catalan regional government, shows that taking the cost of living into account reduces the disparities in income among the regions.
Without applying any kind of correction, the Basque Country is the Spanish region with the highest GDP per inhabitant (€30,051), while Extremadura has the lowest (€15,133) – a difference of 98%, almost double.
After taking the cost of living into account, the Basque Country remains the region with the highest per capita income (€27,895), but Andalusia moves into last place with €18,058. At the same time, the difference between the top and bottom regions drops from 98% to 54%, according to the report.
The study uses data from 2012 to calculate the purchasing power parity (PPP) of Spain’s different regions – a measure that allows the analysis of an economy’s level of production or wellbeing, cost of living, and poverty while leaving out such factors as variations in prices.
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Spanish house prices have increased at their fastest rate since the downturn, up 5.12% in the 12 months to the end of June, the latest index report shows.
This is up from 2.65% in the previous quarter, according to the data from the Property Registrars which also shows that quarter on quarter price increased by 2.8%.
The latest rise in price growth means that prices are down 29% nationally since the peak of the market, but there are considerable regional variations.
The recovery in the Spanish property market is limited to the most popular areas where houses are in demand such as Madrid, the Balearics, the Canaries, Catalonia, and the Valencian Community and the report points out that this is reflected in prices.
It points out that sellers and buyers are adjusting their expectations accordingly. In more and more areas buyers who have been adopting a wait and see attitude whilst prices fell are now entering the market.
...continue reading "Property registrars in Spain report annual price growth of 5.12%"
The timid recovery of the Spanish real estate market has started to become noticeable in property prices.
Free-market house prices experienced their first quarterly increase in late 2014, according to figures released by the Public Works Ministry. There had not been an uptick in the market since early 2008.
Prices rose 0.5% in Spain as a whole thanks primarily to a surge in demand for existing homes, which now represent nearly two thirds of sales.
The value of existing homes grew 0.2% from the previous quarter, while the price of new homes retreated 0.1%.
The average price of free-market housing in the last quarter of 2014 was €1,463.10 a square meter.
...continue reading "Seven Spanish regions ended 2014 with higher prices than in 2013"
The Spanish real estate market experienced its first good news after a slump lasting over six years in the second quarter of 2014.
Between April and June house prices rose for the first time since early 2008, according to figures released by the National Statistics Institute (INE).
The Housing Price Index grew an average 0.8 percent compared with the same period in 2013, the numbers show.
Broken down by type of housing, the price of new homes rose 1.9 percent while that for existing homes grew 0.2 percent.
The drop in house prices had been slowing for several quarters, suggesting a gradual market recovery. The sharpest decline was registered in the third quarter of 2012, when prices dropped 15.2 percent compared with the same period in 2011.
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