The crisis has led to the fact that the price gap between apartments in elite and inexpensive neighborhoods of Spanish cities increased markedly. Property prices in Madrid differ in 3.4 times, in Barcelona - in 2.5 times, according to ee24.com citing noticia.ru.
Apartments in the Salamanca district of Madrid are offered for sale for €4,390 per sq.m, and in Villaverde - for €1,279 per sq.m. The similar situation is with apartments in Barcelona: in Les Corts they cost €4,265 per sq.m, and in Nou Barris - €1,732 per sq.m. (For comparison, according to Fotocasa, the average offer price in June was €2,603 per sq.m in Madrid and €3,188 per sq.m in Barcelona.)
Before the crisis, prices in prestigious and "bad" areas in both Spanish capitals differed by no more than in 2 times (in 1.7 times in Madrid and in 1.45 times in Barcelona). Fernando Encinar, Head of research at Idealista, explains that after 2007 markets in inexpensive neighborhoods suffered the most: in the prestigious areas property prices have fallen by no more than 30%, and in cheap areas - by more than 50%.