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Resale Property Prices Fell in January

Property prices fell 2,6% in January
Property prices fell 2,6% in January

Resale property prices fell 2,6% in January

After a good year in 2016, this year has started slowly for the real-estate market with the price of used housing registering a slight decline in January.

The price of a square metre fell by 2.6%, to stand at 1,508 euros, according to figures released by idealista. Compared to January 2016, the annual decline is 5.6%.

Autonomous Communities

Only 2 of the 17 communities saw a price increase in January. The largest increase was in the Balearic Islands. Prices there increased by 1.4%, compared to December. Cantabria also saw prices increase, although by only 0.1%. All other communities saw prices fall with Andalusia suffering the most with a 2.8% fall. Castilla La Mancha and La Rioja followed with both communities seeing a price fall of 2.5%.

Euskadi is the most expensive community with an average price per square metre of 2,495 euros. The Community of Madrid is next with a price of 2,331 euros per square metre. On the Balearic Islands the price is 2,001 euros p/m².

The cheapest community is Castilla La Mancha with an average price per square metre of 896 euros. Extremadura and Murcia are next with average resale property prices of 925 euros and 998 euros per square metre, respectively.

Provinces

Nine provinces saw prices increase in January. Prices increased 1.4% on the Balearic Islands, followed by Lleida (1.3%), Barcelona (0.7%), and Santa Cruz de Tenerife (0.4%). All other provinces saw prices fall, with Castellón and Ciudad Real seeing the largest drop. Both provinces saw a 4.5% drop in prices. Almeria and Cuenca followed, both seeing a 4.1% drop.

The Basque provinces of Guipúzcoa and Vizcaya are the most expensive with prices of 2,743 euros and 2,574 euros per square metre, respectively.

Toledo is the most economical province with a price per square metre of 798 euros.

The province of Malaga saw a very slight decline of 0.1% in January, while the city of Malaga saw prices increase by 1.8%, to stand at 1,688 euros per square metre.