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Spanish property prices continue to fall
Real estate news By AboutProperty.co.uk
Friday, 05 Oct 2007 09:46
Property prices in several key Spanish real estate markets have continued to fall over the previous three months, according to Spanish property portal Idealista.com. In Barcelona the average resale value of a property fell by 0.5 per cent over the summer. The average price in the Catalan capital now stands at 4,802 per square metre.
However, two areas - Sarri? Sant Gervasi and Les Corts both saw prices increase. "Barcelona has experienced another decrease in its price per square metre for the second consecutive quarter. During the summer, prices fell 0.5 per cent, after a drop of 1.3 per cent in the spring," commented Idealista. "This data confirms the slow-down in prices in the Catalan capital, however there is no indication that prices are falling at a faster pace."
In Madrid average prices fell by 0.9 per cent over the previous three months. The average price is now 4,277 per square metre, with prices down in 11 of 21 districts. Prices were also down in Valencia. The average price for property in the city was down by 0.7 per cent over the summer, with the average price now standing at 2,842 per square metre. "The data published today by Idealista.com ratify the price decrease of resale homes in Spain isnt momentary in some areas during the second quarter - on the contrary it is a new trend which began in 2007 in every market," commented Idealista chief executive Jes?s Encinar.
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