Property prices registered a lower decrease in 2013

PROPERTY PRICES: Kept falling in 2013, but to a lesser degree.

PROPERTY prices in Spain continued to decrease in 2013, but to a lesser degree than in previous years.

The price of houses in Spain registered a year-on-year decrease of 4.2 per cent during the fourth quarter of 2013, according to the Ministry of Public Works.

This percentage, though negative, confirms a soft landing of prices, which were of -4.4 per cent in the third quarter of 2013.

Such a low decrease in prices hasn’t been registered since 2010, figures by the ministry reveal.

Back then, prices decreased by 3.5 per cent, and would plummet by -10 per cent in 2012.

From 2013 the situation has been gradually improving until reaching the current -4.2 per cent.

By regions, the biggest year-on-year decreases in property prices were registered in La Rioja (-16.4 per cent), Castilla La Mancha and Cantabria (-12.3 both) and Aragon (-11.5 per cent).

The Balearic Islands, Madrid, Galicia and Canarias were the only regions where property prices increased.

The average price of the square metre has also decreased, accumulating a fall of 30.1 per cent since 2008, to the current €1,466.9 per square metre.

Surprisingly, the municipalities of more than 25,000 inhabitants where the square metre is most expensive are all in the Basque Country.

Thus, the square metre in San Sebastian is at €3,365.6, in Getxo is at €2,950.4 and in Leioa €2,571.8.

The cheapest square metre is found in Jumilla, in Murcia, at €524.5.

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