Vladimír Urbánek (Kurzy.cz)
Macroeconomics  |  February 06, 2013 15:23:30

Spain - Offering real estate prices in January halted a three-year drop, down -9.9%

According to statistics, leading Spanish real estate server Fotocasa bid price of houses in the country in January this year to stop his fall, and at least three years stagnated. Average price per square meter reached the level of 1 890 EUR 1 891 EUR compared to last December. Compared January prices declined by 9.9%. Average prices fell a full 36 months in a row and repudiate about 1/3 of the maximum values ??recorded in April 2007 before the Spanish real estate bubble burst.

House prices in the capital Madrid in January rose by 0.3% to 2 965 EUR per square meter. Prices in the capital are about 57% higher than the overall average.

According to market participants, liquidity is very low, real prices are estimated to be about 20-25% lower.

It is feared that the Spanish real estate market still has his absolute bottom in a row because of the new regulation for mortgage loans. It requires stopping now standard practice for banks to use mortgages with maturities longer than 30 years as collateral in secured bonds. The proportion of 30-year and longer maturities in the total volume of mortgage loans is around 10% and is expected, therefore, that the negative impact on the volume of new loans.

Subprime share of the total portfolio at the end of 3Q12 reached the level of 3.5% was the highest for the last 6 years.

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