Spain investment immigration focus on Spanish real estate news: Although experts say that Spanish housing prices have bottomed out, national housing prices in Spain continued to decline in September. Compared with the same period last year, the price of new homes in Spain fell by 9.3% in September.
In August and September 2013, national housing prices in Spain fell, and this downward trend continued in October, which is a very discouraging figure. If calculated based on the record high housing prices in 2007, housing prices in Spain have fallen by 39.1%.
Looking at cities, the largest declines in housing prices were in satellite cities or suburban areas, with an average decline of 15.6% in October 2013 compared to the same period last year. The average housing price decline in major cities was 11%, and the decline in coastal towns was 10.7%.
The most stable housing prices were in the Balearic Islands (Islas Baleares) and the Canary Islands (Canarias), with an annual decline of only 1.5%.
Using the peak housing prices of 2007 as a benchmark, housing prices in Mediterranean coastal cities saw the most significant shrinkage, reaching 45.7%, followed by properties in satellite cities or suburban towns, which saw a market value shrinkage of 43.6%. Major city housing prices shrank by 43.1%, and housing prices in small and medium-sized inland cities shrank by 31.9%. Relatively better value retention was seen in the Balearic Islands and the Canary Islands, where housing prices fell by 29.6%.