New homes in spain one-third cheaper than boom

Data from the Sociedad de Tasacion shows that the average value of new build homes in Spain fell 5 per cent in the first six months of 2013. Now, the total decrease in values from 2007’s peak has hit 36.9 per cent, making new homes more affordable for overseas bargain hunters.

Indeed, in the last 12 months alone, new house prices  has slipped by 8 per cent - a rate that seems to be increasing compared to 2012, which saw prices slide by 2.5 per cent less across the same period.

The most expensive new homes are located in San Sebastian, notes Kyero, with prices reaching 3,484 euros per square metre. Barcelona is the second most expensive at 3,259 euros per square metre, ahead of Madrid’s 2,805 euros. The cheapest? Badajoz, where new Spanish homes cost 1,183 euros per square metre.

All regions of Spain recorded a drop in prices during the first half of 2013, with declines led by Extremadura, La Rioja and Madrid.