Spanish property report latest.
According to fotocasa Spanish property, prices fell by 1.7% in September. 1.5% in the last quarter and 2.4% year on year. Second houses fell by 1.5% in the last quarter and 2.4% year on year.
Prices year on year had grown for the previous three years. Second-hand houses had grown by a total of 14.9% in the previous three years. The Canary Islands saw even higher price increases.
In the Canary Islands, second-hand house prices fell by 0.8% in the last quarter.
Castilla-La Mancha saw the largest quarterly drop in Spain at 3.8% less than the previous quarter. The Basque Country 1.5% more. The Balearic Islands 1.1% more. Cantabria 1.1% more and Madrid 0.2% all saw increases since June 2020.
The report is forecasting national prices will fall also in the coming months and maybe into 2021. The fall is expected to be higher in areas dependent on tourism such as the Canary Islands. Sellers may need to be more realistic with their asking prices over the coming months.
Spanish property report latest.
Renting in Spain.
Rental prices in Spain in August dropped 0.1% from the previous month of July. Rent was up 8.6% year on year.
Month on month rent prices was 0.4% higher in the Canary Islands in August. The report expects year on year rental prices to lower on the Islands in the coming months.
August rental prices.
The Canary Islands with €9.67 p/m² per month.
Madrid €14.97 p/m² per month.
Barcelona €14.41 p/m² per month.
Extremadura with €5.42 p/m² per month.
The population of the Canary Islands 2,153,389 as per 2019.
Unemployment rate 21.55% as per the second quarter.
For more information about the Canary Islands click here.