THE PRICE OF THE NEW HOUSING INCREASES BY 5% IN 2017, THE GREATEST INCREASE IN TEN YEARS
The average price of new housing in Spain closed the year at 2,227 euros per square meter, after doubling its growth in the second half (3%) compared to the first (1.7%).
New housing in Spain is close to pre-crisis prices. The economic recovery and the shortage of product after years of paralysis in construction have raised the prices of new construction by 5% in 2017, according to the report prepared by Sociedad de Tasación.
This figure represents the biggest increase experienced in housing since 2007, the last year of the real estate boom, although the variation is not uniform throughout the territory, stand out in the appraiser.
By regions, Catalonia and Madrid concentrated the highest price increases, exceeding the barrier of 3,000 euros per square meter (3,452 and 3,167 euros per square meter, respectively).
The same applies to provincial capitals, where Barcelona is the city with the most expensive price for new housing: 3,865 euros per square meter, followed by San Sebastián, with 3,441 euros, and Madrid, with 3,167 euros. Only in the second half of the year, the cities of Madrid and Barcelona experienced a biannual rise of 9.9% and 6.8% respectively.
By contrast, the average price of new housing more affordable by autonomous communities is located in Extremadura, with 1,148 euros per square meter and Murcia, where the price of new square meter is about 1,206 euros on average.
According to the Valuation Society report, the average price of housing in Spain (in provincial capitals) is about 200,000 euros and has about 90 square meters.
Although new housing has experienced the biggest increase in the last decade, average prices are still far from the peak of the boom. Thus, as of December 2017, the average value was 2,227 euros per square meter, compared to 2,905 euros that reached the same month in 2007. However, it presents a clear upward trend (and increasing) from the lowest price reached in December 2014, when the square meter of new construction was 1,994 euros, according to figures from the Appraisal Society.
“Madrid and Barcelona are still the engines of price recovery, keeping the rest of the municipalities at a certain distance, but it is noteworthy that prices are not experienced in any of the analyzed cities, although there are some, including some capital , that does not experience any variation with respect to the previous year “, point out from the appraiser.
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