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The previous economic crisis was an earthquake of gigantic dimensions for the the real estate sector. On this occasion, however, the pandemic of coronavirus has intensified trends already visible before the crisis. The most obvious, a decline in prices after touching roof during the economic recovery.
The coronavirus has caused that this decrease is intenfique during the first half of the year and reached 4,94% in the case of used housing, until the 2.245 euros per square meter . It is the main conclusion of the report presented this Tuesday by the University Pompeu Fabra and the Group Tecnocasa. With the fall registered between January and June -the strongest since 2013 – the housing accumulates two consecutive semesters to the low.
During the second half of 2019, the prices of the apartments of second hand fell 2.1% in the interannual rate. Now the descent is more than double, and is motivated by data such as the depreciation of 7.2% of the housing in Barcelona or of 4.46% of apartments in Madrid. Guadalajara is, according to Tecnocasa, the province recorded a sharper fall, the 10,28% to 1.073 euros per square meter.
The purchase and sale registers, according to the report, a fall is still more pronounced. Operations fell by 16% between January and June in the whole of Spain, although in cities such as Bacelona the decline was even greater, 17.8%.
Tecnocasa, which makes his report from the figures that are extracted from the operations sale of property intermediated by the real estate offices of the group, considers that in the coming months, the vendors “will adjust more their prices throughout the negotiation, so that the follow-up of the discount and the final price will be more informative than the follow-up of bid prices”.
With the s decreases registered in the last few months, house prices are 35% below the value marked on the highs of 2007, which was close to € 3,500 per square metre.
with Regard to the mortgage market, the real estate points out that in the first half, the mortgage average stood at 121.597 euros, to 0.90%, and the average amount of the monthly fee paid by customers was about 463 euros, which represents 30% of the median income.
“The real estate sector has suffered, especially during the weeks of close confinement is required, but many sales are reviving, and the sector will regain the volume of operations in the last quarter of the year,” explained the ceo of the group Tecnocasa, Paolo Boarini.