[MADRID] Prices of existing Spanish properties fell for the first time since 2017, two of the country's largest real estate portals said on Friday. Read more at The Business Times.
The downward trend will probably become more pronounced in the second half of 2020, with the sharpest falls likely to be seen in secondary and rural markets.[MADRID] Prices of existing Spanish properties fell for the first time since 2017, two of the country's largest real estate portals said on Friday.
Homes excluding new-builds cost 1.9 per cent less in the second quarter compared to the same period in 2019, leading web portal Fotocasa said, while real estate site Hogaria, with a portfolio of 1.5 million homes, reported a 2.4 per cent drop. The downward trend will probably become more pronounced in the second half of 2020, with the sharpest falls likely to be seen in secondary and rural markets, both companies said.
"But we're not expecting huge crashes in the price of existing homes either," said Fotocasa communications director Anais Lopez. Fears of a second wave of coronavirus cases in the autumn may be pushing private sellers to slash prices in hope of a quick sale before Spain again becomes paralysed, Hogaria said.
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