Housing prices in Spain fell for four consecutive years

Housing prices in Spain fell for four consecutive years

The average price of a property inSpainfell by 15.2% in the third quarter of 2012 compared to the same period last year. According to the latest house price index published by the National Statistics Institute, Spanish property became cheaper for 18 consecutive quarters.

The fall in house prices inSpainbegan in the second quarter of 2008 (-0.3%). Since then, the downward trend is continuing.

Resellers are becoming cheaper year-over-year by 16.4%, a new real estate - by 13.6%. This is the largest decline in prices since 2007. The Spanish property market is unlikely to recover in the near future, believes the rating agency Fitch analyst Juan David Garcia. Now the real estate market is about 1 million newly built homes, more than 200 000 objects - the secondary housing market.