Second hand home sales ‘cause property costs to fall’

Figures collected from Spanish notaries have revealed that the increasing number of second hand home sales are bringing down the average price of properties across the country.
 
In September 2016, property cost an average of €1,236 (£1,058) per square metre, which was a fall of 3.5% from the same month the previous year. Although it is an increase from August – when property cost €1,130 on average – it is the second lowest figure this year.
 
The number of new homes being sold have been falling since 2013, standing at just 10% of all property sales.
 
Second hand apartments decreased in price by 1.5% in September, resulting in a significant effect as they account for more than two-thirds of property sales being made.
 
However, the number of sales and purchase contracts signed during September had increased by 10.3% from the same month in 2015. Sales rose to 34,918.