Decline in property prices in Spain slowed

Decline in property prices in Spain slowed

Decline in property prices in Spain slowed after the abolition of tax breaks for buying a home since January 1, and reached a moderate performance - about 10.7% in March 2013 compared to March 2012. For comparison, in February 2013, these figures were 11.6% year on year, according to the portal Kyero.com.

The most favorable situation was observed in the real estate market in the Balearic and Canary Islands, where prices decreased by 5.2% year on year, while in the other municipalities falling was below average - 6.3%.

In March 2013, the average price for properties in metropolitan areas declined by 14.3%, and on the Mediterranean coast housing became cheaper by 10.7% year on year.

Note that the falling costs of housing in Spain is attracting more foreign buyers. In 2012, foreign investment in Spanish property Spain increased by 13.7% and amounted to €6.3 million. Greatest growth showed secondary market, in which non-residents invested €5.3 million, 15.6% more than in 2011 year.