Long term house price slowdown continues

1st December 2005, Comments 0 comments

1 December 2005, MADRID — The promised slowdown in house prices appears to be continuing according to latest figures.

1 December 2005

MADRID — The promised slowdown in house prices appears to be continuing according to latest figures.

The Spanish Real Estate Association (TINSA) said the average price of a 'used' or second hand house per square metre (psqm) was EUR 1,772.

This meant home prices had risen 16.6 percent in the past year to September.

In larger cities, the price was higher, with the average being EUR 2,304 psqm – a 16 pc rise.
 
But TINSA said in its report that despite these rises, the deceleration of house prices in Spain was continuing.

A year ago, house prices had risen 19 percent during the previous 12 months.

Ildefonso Ortega, TINSA president, said there had been a "smooth fall" in house prices.

He predicted the next yearly rise in prices would be between 5 –10 percent.

TINSA carried out a study of 190,000 homes to produce the report.

[Copyright EFE with Expatica]

Subject: Spanish news


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