PRICE per square metre in Spanish properties has dropped 9.3% in the third quarter in comparison to the same period past year.
This fall represents a cumulative record value of 38.1% drop since 2007.
According to Tinsa (Tasaciones Inmobiliarias), the autonomous regions top the list with a 10% average fall in property value in 2013. Andalucia registered a 10.1% fall.
To rent a house in Andalucia also became cheaper, since the price of rental housing in the region fell by 1.4% in the third quarter.
The value now stands at €6 per square metre, according to the report ‘The Rental Housing in the Third Quarter of 2013’ put out by fotocasa.es’ estate portal in partnership with the IESE Business School.
This represents a huge cut on the value of real estate in the region, which in 2007 was at a record value of €8.41 per square metre per month.
Although the downfall represents the general trend, ten Andalucian towns raised their value, according to the same study.
The most prominent increase occurred in Armila (3.9%), followed by Ogijares (2.9%) and Fuengirola (1.2%).