19 - The Price of Property by Municipality

The Price of Property by Municipality
2013
Year-to-year variation
There are various ways in which analysts study property prices in Spain. A general method used
to analyse the value of resale or second-hand real estate in this country is by looking at property
prices for one month of the year and comparing them to values from the same month the previous
year. This variation, known as a 'year-to-year variation', offers a picture of how property prices
have evolved in the last year. In March 2013, the national average of real-estate prices in Spain
fell by 11.1% from March 2012.
Andalucía
Since Fotocasa.es started creating property reports in 2005, the autonomous region of Andalucía
has been the third region, behind Cataluña and Madrid, with the highest number of resale properties
for sale - a total of 2,822,251 offers. In the first three months of this year only, Fotocasa.es has
received 153,174 new offers, with 54,395 corresponding solely to March.
Fifty municipals from the region of Andalucía were analysed for this study. Average resale property
values in 48 of them were under 2,000 euro/sq m - only properties in Cádiz and Marbella were
valued higher. These two are the most expensive municipals in Andalucía with regards to resale
house prices, with average prices of 2,279 and 2,112 euro/sq m. These figures exceed the national
average of 1,830 euro/sq m by 24.5% and 15.4% respectively.
Out of the 50 municipals, 45 have second-hand property prices that are below the national average.
As well as the two mentioned above, the only others to exceed the national average of 1,830
euro/sq m are Sevilla capital, Conil de la Frontera and Almuñécar.
At the other end of the scale, those municipals with the lowest resale property prices are Churriana
de la Vega (1,089 euro/sq m), Las Gabias (1,098 euro/sq m) and Atarfe (1,107 euro/sq m), where
prices are 40.5%, 40.0% and 39.5% less than the national average.
Andalucía. Municipals with the highest resale property prices in March 2013 (euro/sq m)
Different to previous reports, this time one municipal has shown a positive year-to-year variation.
The municipal of Manilva has seen resale property prices increase by 12.8% from March 2012 to
March 2013.
The rest of the municipals have seen their house prices devalue in the last year. The drop in value
01/07
The Price of Property by Municipality
2013
ranges from -7.0% (Marbella) to a maximum of -23.7%.
When we look at the 10 municipals that have shown growth and the least amount of depreciation
in their house prices, we can see that property prices in some municipals are being reduced by
double figures, which indicates an acceleration of the rate at which prices are dropping. The
municipal of Córdoba is the first to show depreciation at a double figure rate - 10.0%.
In December, a total of 18 municipals showed a decrease of prices at a one-figure rate. This,
however, has now been reduced to only 7 municipals.
Andalucía. Municipals with growth or the least amount of devaluation in property prices in one year
The number of municipals that have registered a negative annual growth of two digits has increased
from 32 to 42 in just three months. This acceleration of the decrease in prices is also evident when
we consider that at the end of 2012 only 1 municipal in Andalucía had prices that had fallen by
more than 20.0% from the year before. This has now increased to 3 municipals - the greatest
reduction in price being in Monachil (Granada) at -23.7%.
Andalucía. Municipals with the greatest reduction in year-upon-year house prices
The Balearic Islands
Within the autonomous region of the Balearic Islands is one of the most expensive municipals for
resale property in the whole of Spain - Ibiza. Here, an average second-hand property cost 2,846
02/07
The Price of Property by Municipality
2013
euro/sq m in March 2013 - 55.5% higher than the national average. Quarterly and annual variations
were very moderate at -0.9% and -2.1% respectively.
Apart from Ibiza, this study has analysed data from 7 other municipals, finding that only in Calviá
and Marratxi (Mallorca) do property prices exceed 2,000 euro/sq m. Lluchmajor and Palma de
Mallorca do not exceed 2,000 euro/sq m, but they do have house prices above the national average
of 1,830 euro/sq m.
The lowest house prices found within the Balearic region are in Inca, where they are 23.6% below
the national average at 1,399 euro/sq m.
There are two municipals within the Balearic region where second-hand property prices have
increased both on a quarterly and yearly basis. They are the municipals of Marratxí and Manacor,
where on an annual basis house prices increased by 2.8% and 0.3% and during the last three
months by 15.3% and 14.9% respectively. The greatest difference in prices from March 2012 to
March 2013 and in the last three months has been seen in Ciutadella de Menorca. From March
last year, house prices here have dropped by -25.2% (the only municipal in this region where
prices fell by more than -20.0%) and by -10.9% (the only two-digit fall in quarterly prices in the
Balearic region).
Since Fotocasa.es started carrying out these studies, it has received and marketed a total of
549,685 resale properties from the Balearic Islands. A total of 20,372 have already been offered
this year, with 7,382 of them from March alone.
The Balearic Islands. Resale property prices by municipals in March 2013 (euro/sq m).
The Canary Islands
Out of all the municipals studied within the Canary Islands for this report, all sixteen of them are
found to have average resale property prices below the national average of 1,830 euro/sq m. The
municipal that comes the closest to this figure is no longer Las Palmas de Gran Canaria as it was
before, but is now the Tenerife municipal of El Rosario. In March 2013, resale house prices here
were registered at 1,742 euro/sq m. The second most expensive municipal is now Las Palmas de
Gran Canaria, where the average price of property is 1,729 euro/sq m.
At the bottom end of the scale regarding second-hand property prices is the municipal of Santa
Lucía de Tirajana at 1,023 euro/sq m, which is 44.1% below the national average. Property prices
are falling in the Canaries and future reports will most certainly include a high incidence of municipals
where average property prices fall below 1,000 euro/sq m.
In terms of year-to-year variations, all of the municipals analysed have registered depreciation in
property value. The Tenerife municipal of Adeje has recorded the smallest annual decline with -
03/07
The Price of Property by Municipality
2013
4.1% and Santa Lucía de Tirajana not only has the lowest house prices, but has also seen its
property suffer the greatest drop in value at -18.8%. Seven out of the 16 municipals studied have
seen prices fall by a two-digit figure over the last year.
Over the last three months, Fotocasa.es has registered 27,147 offers of property sales, with 10,249
of them from just March alone.
Canary Islands. Resale property prices by municipal in March 2013 (euro/sq m)
Cataluña
Since Fotocasa.es began compiling data and creating these real-estate reports, Cataluña is by
far the autonomous region with the greatest number of offers of second-hand properties for sale.
There have been a total of 4,288,626 resale properties for sale in this region since 2005. So far
in 2013, there have been 171,819 new offers on the market - a much higher figure than in most
of the other autonomous regions. For this reason, there is a greater amount of data for this region
compared to others. All of the statistics collected throughout the year cover an area of 81 Catalan
municipals. In 57 of these municipals (70.4%), average property prices are above the national
average of 1,830 euro/sq m.
The three most expensive municipals in this region continue to be the same three from March
2012 and 2011:
Sitges
Barcelona Capital
San Cugat del Vallès
3,862 euro/sq m
3,219 euro/sq m
3,148 euro/sq m
There is not a single municipal in Cataluña where the average property price exceeds 4,000 euro/sq
m.
The above values are far higher than the national average of 1,830 euro/sq m, at 111.0%, 75.9%
and 72.0% respectively. The lowest property prices out of the 81 municipals analysed in this study
are found in Lleida at 1,263 euro/sq m - 31.0% lower than the national average.
The fourth highest property values are found in the municipal of Calonge, with an average of 3,052
euro/sq m. However, this municipal is also noted for the fact that in December 2012, it was the
04/07
The Price of Property by Municipality
2013
only municipal in the whole of Spain where there was a positive year-to-year variation. This March,
in Calogne property prices have increased by 8.4% - the third largest increase out of the 375
municipals studied. Within the autonomous region of Cataluña, the only other municipal that saw
the value of its resale properties increase was Sant Feliu de Guíxols (also in the province of Girona)
where prices rose by 1.0%.
Cataluña. The most expensive municipals in terms of resale property values in March 2013 (euro/sq
m)
Only the two municipals already mentioned have seen their property prices rise in the last year.
In general, prices are falling. The drop in second-hand property prices ranges from -2.2% in Castellplatja D'Aro (Girona) to -21.3% in Mataró (Barcelona).
Cataluña. Municipals where property prices have risen or experienced the smallest decline
Murcia
In March alone, a total of 10,206 new second-hand properties went up for sale in the autonomous
region of Murcia. This figure increased to 27,609 when we consider the first three months of the
year. As with March 2012, the average property values of resales in the 11 municipals studied in
this region are below that of the national average of 1,830 euro/sq m. The municipal with the
highest property values, the same as in the first quarters of 2012 and 2011, continues to be Murcia
05/07
The Price of Property by Municipality
2013
with an average price of 1,531 euro/sq m, whilst different to the first report of last year, this time
it is Molina del Segura that has the lowest property values (1,104 euro/sq m). In March 2012, the
municipal of La Union registered the lowest real-estate values at 1,275 euro/sq m.
In terms of evolution of prices over the last year, Murcia has recorded more or less the same
negative variation as in the majority of autonomous regions. Property values decreased by a twodigit figure on a year-to-year basis in 6 of the 11 municipals studied. The greatest decrease of
prices was found in San Javier, where prices fell by 17.6%.
Region of Murcia. Resale property prices by municipal in March 2013 (euro/sq m)
Valencian Region
The final autonomous region analysed in this report is the Valencian Region. Since the real-estate
portal Fotocasa.es began producing these property reports in 2005, it has marketed a total of
2,785,391 resale properties from the Valencian Region. During the first three months of this year,
142,694 new resale offers were added to Fotocasa's portfolio.
In this autonomous region 67 municipals were studied. Out of these 67, only 2 register real-estate
values above the national average. The same as in recent reports, these continue to be El Campello
and Benidorm, with prices of 1,912 and 1,883 euro/sq m (exceeding the national average by 4.5%
and 2.9%). There is not a single municipal in the Valencian Region where the average property
prices surpass 2,000 euro/sq m.
At the bottom end of the list for property values in this region are Ontinyent and Almoradi, with
average prices of 844 and 916 euro/sq m. Ontinyent has the second lowest resale house prices
in the whole of Spain.
Valencian Region. The most expensive municipals in terms of resale property values in March
2013 (euro/sq m)
06/07
The Price of Property by Municipality
2013
In terms of annual variation of property values, there is a slight hint of a positive change in this
region. In this first report of the year, there are three municipals where an increase in prices has
been registered. The first is Oropesa del Mar, which has recorded an impressive jump of 15.0%
(the greatest out of all the municipals in Spain), followed by Almoradi and Quart de Poblet with
0.4%.
Valencian Region. Municipals with year-to-year growth rates and reduction of prices
07/07