The value per m2 of urban land fell 11.5% year on year in the first quarter of 2013. The average price is now 157.2 euros/m2 which is the lowest level since before 2004.
The price since the start of the economic crisis in 2007 has now registered a total fall of 43%.
There were 2,801 completed purchases of urban land in the first quarter of this year, a number that is down 22.2% year on year and 27% from the last quarter of 2012.
The value of these purchases amounted to a total of 495.42 million euros, down 38.2% from last quarter and 15% year on year.
Prices per m2 fell in all of Spain’s regions when compared with 2012’s last quarter. The regions worst hit were Cantabria, where prices almost halved with a 48% fall, Navarra (-43.3%) and La Rioja (-33.2%).
In year on year terms prices fell in all but two of the regions. The Balearic Islands registered a 2.4% rise in values and Extremadura posted a 19.9% increase.
A graph showing the evolution of the average price/m2 of urban land in Spain