Preparing for the crisis: secondary market housing prices in Castile and Leone are 30% cheaper than in 2008

Preparing for the crisis: secondary market housing prices in Castile and Leone are 30% cheaper than in 2008

The real estate market in Castile and Leone is preparing for a crisis by adjusting the prices of secondary market housing. Most of them are already 30% cheaper than in 2008, at the peak of the «boom» in the sector. The region cools the market before the active phase of crises, so that the fall does not turn out to be fatal.

According to the report of the real estate company Idealista, at the national level, Spanish residential real estate is only getting more expensive. Prices have already reached almost 1,900 euros per square meter. However, at the level of the autonomous community of Castile-Leon, the situation is markedly different.

Thus, in Avila, the average price per square meter of housing from the secondary market is 1,077 euros, which is 38% lower than the historical maximum recorded in June 2008. In Salamanca, the average price in the secondary sector is 28.9% less than in February 2008.

The situation is similar in Zamora — 1,112 euros per square meter. The peak period for the latter was March 2011 and today the price figures are 30.8% lower than the historical maximum. For Leon, the peak period was February 2011, but in 2022 prices in this city were 30.4% lower than historical highs. A square meter costs 1,327 euros.

The same trend of falling prices to fixed highs is observed in Salamanca (29%, 1,700 euros), Soria (28.2%, 1,365 euros), Valladolid (25.3%, 1,570 euros), Palencia (25.3%, 1,288 euros) and Segovia (24.1%, 1,666 euros). In Burgos, secondary market housing prices are also below records by 25.2%. Murcia and Cuenca are also noteworthy as one of the cheapest cities in the country — about 1,080 euros per square meter in both cases.

If you look at the national level again, the opposite situation is observed in such cities as Madrid, San Sebastian, Pamplona, Palma de Mallorca, Malaga, Las Palmas de Gran Canaria and Barcelona. All these cities have set historical records for the growth of secondary market housing prices.

So, in Madrid, the price per square meter reached 3,970 euros, in Palma de Mallorca - 3,430 euros, and in Barcelona — 4,085 euros. In San Sebastian, Pamplona, Malaga and Las Palmas, the price was set at 5,130, 2,120, 2,280 and 2,630 euros per square meter, respectively.

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