Fall in new housing prices slows

NEW HOUSING: Is the market about to bottom out?

THE price of new housing in Spain continued to drop during 2014, but at a slower rate than the previous year, according to latest statistics.

The new data would lend further credence to the opinion that the Spanish property market is reaching bottom, which is good news for homeowners wishing to sell and at the same time a wake-up call for those hoping to buy a Spanish property before prices start to rise again.

According to a report from the Sociedad de Tasacion, the average price of new housing in the country fell by 2.2 per cent in 2014, which is much lower than the 7.8 per cent decline registered in 2013. The data also highlights that prices declined at a slower rate in the last six months of 2014.

New housing prices fell in all regions of Spain during last year, with Andalucia registering a 2 per cent drop, as opposed to the highest drop of 3.7 per cent in La Rioja.

According to the Sociedad de Tasacion, the slow in the price decline has coincided with an increase in activity due to relaxation in the difficulties of obtaining financing and the improvement of the economic forecast.

The report projects that 2015 will see more apparent signs of recovery in the Spanish property sector but that the supply of new housing will remain plentiful despite the current low rate of production. Demand is expected to grow in line with the increase in quality jobs and access to funding.

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