By Shirin Aguiar • 14 November 2019 • 12:10
THE HOUSING crisis that struck the Spanish property market more than a decade ago is still evident in Almeria and is reflected in sales and rental prices. Although rental prices do seem to have improved in the last two years, mostly due to stringent mortgage regulations that mean Almerians choose to rent.
Possibly due to these difficulties in the purchase, it is found that properties that go on sale in Almeria do so at the lowest prices in Andalucia. A one hundred square metre house can cost as little as €94, 000.
In the third quarter of this year, there has been a slight increase of two per cent in sales prices due to an increase by foreign buyers. However, this increase is not due to boost in the housing market in the province but more so to a significant decrease in sales transactions which have dropped by up to 10 per cent.
The decrease in home buying and selling in Almeria is the second most noticeable in Andalucia, behind the fall seen in Granada which was 11 per cent. Almeria’s figures between July and September tend to resemble those of other places like Córdoba and Cádiz.
Taking this into account, the drop in price that has occurred there is more than double the number reflected in the whole of Spain where it is still below five per cent on average.
The housing rental market is active and growing in Almeria. In the third quarter of this year, it experienced a surge from €5.62 per square metre, pre-season, to €6 that was paid during the summer. This makes the average rent paid for a house of 100 square metres around €600 per month compared to €560 charged before.
This increase shows in favour of the purchase of housing, especially for investors, who can see a promising business opportunity in buy to rent. It is a big part of the market game now since the areas that offer the highest pay are those in which the rental price has risen as opposed to the purchase price.
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