New buildings in Spain cost a record low

New buildings in Spain cost a record low

In the first half of 2013 the price for new construction in Spain fell by another 5%. The cumulative decline in the "primary" was about 37% compared to the record at the end of 2007. The cost of new homes for the year decreased by 8%, according to the company Sociedad de Tasación.

The most expensive housing in new buildings are currently located in San Sebastian, where a square meter costs €3,484. Square meter in Barcelona costs €3,259 and in Madrid - €2,805. Cheapest new buildings were in Badajoz - just €1,183 per square meter.

New property in the provincial capital costs about €2,102 per square meter, therefore, an apartment of 90 sq.m. can be purchased for around €190,000. Russians can do it, because spend on a property in Spain about €183,000.

Prices for new homes also fell. The most rapid decline was observed in Extremadura (7.3%), La Rioja (6%) and Madrid (5.9%). In Asturias and Murcia prices cut not so fast – by 1.4% and 2.3%, respectively.