The price of housing, new and second-hand, increased again in May and increased 3.6% over the same period in 2016. Capital cities and large cities, with an increase of 6.1% in the last year, and the Mediterranean coast, with growth of 4.7%, have been the areas with a better evolution of prices. With these data, the average price in Spain returns to the level of December 2013. Compared with the previous cycle, before the outbreak of the crisis, housing would be in values equivalent to those of September 2003.
After the capitals and the Mediterranean coast, it stands out the 2.9% of year-on-year growth experienced in the islands, followed closely by 2.2% of the smaller localities. Meanwhile, metropolitan areas remain at levels similar to those of May 2016 and show a slight decrease of 0.3%.
The housing continues to reduce the gap generated since the end of 2007. Thus, the cumulative adjustment in the average price since then is at 39.2%. On the Mediterranean coast, the most affected area in the last ten years, the cumulative adjustment is 45.6%, only one point more than in the metropolitan areas, where the average price has fallen by 44.5% since highs.
In capitals and large cities, the decline is, with 41.3%, somewhat higher than the national average. In the Balearic and Canary Islands, the drop was 27.7% in these almost ten years and that of municipalities of 35.9%.
If you are looking for new build or resale properties in the Costa Blanca or Costa Cálida, in towns such as Ciudad Quesada, Torrevieja, Guardamar del Segura or Santa Pola, check out our property catalogue. Barceló Real Estate is part of the Barceló Group, a firm with more than 20 years of experience in the real estate sector.
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