Spanish Property Growth for 2006
Article Date : 06 January 2006
Advertisement House prices rose in Spain by an average of 10.1 percent in 2005 and are expected to keep going up this year, but experts are predicting less spectacular increases during the next 12 months.
The values of new homes across Spain have risen eight times in the past 20 years.
The average price of a new home measuring 100 square metres is now EUR 251,600, according to the Spanish Real Estate Society, a company which specialises in house price values.
In a study carried out by the company, it emerged that cities or towns with lower population densities showed higher property price rises.
So in places where there were less than 25,000 people, the average rise was 14.9 percent with prices per square metre (sqm) of EUR 1,593.
But in cities where there were more than 100,000 people, the increase was on average was 11.8 percent, with prices at EUR 2,078 psqm.
The study forecast prices should carry on rising in 2006 - but by less.
Based on those figures, leading specialists, PropertyInSpain.Net expect the baseline price for secondary coastal location apartments of 65 M2 would be EUR 120,000 for 2006 - "still excellent value for holidays and equity growth."
Added the spokesman: "Even adding in a 25% premium for better location and seaview the typical price will be only EUR 150,000 for a 2-bed, 2-bath quality-built apartment.
"With this year's equity growth added, we could be looking at EUR 168,000 to EUR 170,000. Prices above this will reflect the special finishes, better specification and locations."
Barcelona was the most expensive place to buy a new home, with prices per square metre now at EUR 3,700, followed by Madrid at EUR 3,629 psqm, then San Sebastián at EUR 3,585 psqm and Vitoria in the Basque Country at EUR 3,013 psqm.
Spanish Property News Article from http://www.propertyinspain.net/
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