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ARCHIVED - Spanish house prices fell 2.8% in the third quarter due to Covid according to Gesvalt
They agree with other sources that the rental market is performing better than the sales market
The price of housing in Spain has fallen by 2.8% in the third quarter compared to the same period of the previous year due to the impact of the coronavirus, according to the latest Gesvalt housing report.
The valuation company believes that this decline consolidates the downward trend in the cost per square meter, which "has reversed the upward trend that had been observed in recent years."
They highlighted in their quarterly report for the third quarter of 2020 that purchase and sale operations have been reduced by 25.1% during the first seven months of the year compared to the same period in 2019, due in no small part, to the covid lockdowns.
All areas of the country have also experienced declines in housing prices during the third quarter. The most marked decreases have been registered in the Valencian Community (-4.2%), Galicia (-3.5%), Catalonia (-3.2%) and Andalusia (-3%).
The Balearic Islands have continued to be the most expensive region (2,293 euros per square meter), followed by the Basque Country (2,215 euros) and Madrid (2,195 euros), compared to Extremadura (816 euros) and Castilla-La Mancha ( 853 euros), which have remained the cheapest.
Gesvalt considers that property rentals have shown a better year-on-year performance than sale prices. Barcelona, with an average price of 16.66 euros per square meter per month, has once again topped the ranking in terms of the highest rental prices in Spain.