Ministry of Public Works: Price of housing fell 7.8% in the second quarter

Statistics released by Spain’s Ministry of Public Works show that the price/m2 of housing in Spain dropped to 1,481.7 euros in the second quarter of 2013, down 7.8% year on year, and 2.5% in a quarter.

The total fall in Spanish property prices since their peak in 2008 has reached 29.5% according to the Ministry.

New housing (less than 2 years old) now costs on average 1,562.3 euros/m2, down 5.1% year on year while resale housing (over 2 years old) has seen it’s price drop 8.1% year on year to 1,462.9 euros/m2.

The municipality where property is currently most expensive is San Sebastian (3,902.9 euros/m2), while prices are at their cheapest in Elda (672.9 euros/m2).

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