Prices are down 43.7% since the crisis
The last ten years has seen the price of second-hand housing in Spain fall by an average of 103,294 euros, since the peak of April 2007.
Back before the global financial crisis, the average price for a property of 80 square metres was 236,174 euros (2,952 euros/m²), but by February 2017 that price has fallen to 132,880 euros. The reduction is equivalent to a fall of 43.7% in ten years, according to analysis by fotocasa.
“These figures show that in spite of the reactivation that the market is experiencing, prices are still far from the highs reached before the crisis except in very specific areas of the big cities and tourist destinations of the coast. A year ago, second-hand housing had been reduced by an average of 107,400, compared to April 2007, and today that difference has been reduced to 103,294 euros, “explains Beatriz Toribio, Head of Studies at fotocasa.
Autonomous Communities
The community of Navarra has seen the largest fall in prices. In February 2007, the average price of a property of 80m² was 271,600 euros (3,395 euros/m²). Today, the same size property will cost on average 128,739 euros, a fall of -52.6%, or 142,861 euros.
Property on the Balearic Islands has seen the smallest falls since the peak. Back in April 2007, the average price of an 80 square metre property on the islands was 220,960. In February 2017, the price was 162,485, a fall of 54,475 euros, or -26.5%.
In February 2017, the community with the most expensive second-hand property prices is the Basque Country. The average cost here is 216,372 euros (2,705 euros/m²). The maximum price was reached in February 2006 when a home in the Basque Country had an average price of 351,360 euros (4,392 euros/m²). Since then prices have fallen by 38.4%, or 134,988 euros.
The cheapest community to buy a second-hand property is currently Castilla-La Mancha. On average, a house of 80m² here will cost 83,291 euros. The maximum price was reached in March 2007 when the same property would have cost 177,040 euros. From then, the average price has fallen by 93,749 euros, or -53%.
In the south of the country, prices in Andalucía have fallen by 40.7% since the peak. The maximum average price reached in Andalucía for a property of 80m² was 200,720 euros. By February this year the price had fallen to 118,955 euros, a fall of 81,765 euros.
