New Home Prices Rises in First Half Of Year

New homes being built in Barcelona

New homes being built in Barcelona

The average price of new property rose by 1.8% in the first half of the year, according to the latest report from Sociedad de Tasación (ST), an appraisal company.

ST base their report on their own valuations of newly-built homes in provincial capitals and municipalities of more than 25,000 residents. This is the first rise in the ST index since 2007.

The average price of new property rose to 2,030 €/m2 built, which translates into an average price of €182,700 for a typical new flat of 90m2.

Peak-to-present, the prices of new homes in Spain has come down by 39% based on the ST index.

New home prices rose the most in the first six months in Madrid (+4.2%) and Catalonia (+3%). At the other end of the scale prices fell in the Basque Country (-1.1%) and Murcia (-1%).

“Apparently, house price declines have come to an end in most places but not in all,” explains the ST report. “The possibility of a recovery in the sector appears to be getting closer, helped by favourable factors like the improvement in mortgage credit availability, although it is still early days.”

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