Fall in Spanish housing market in 2008

Price of new housing fell by 6.6% in 2008

The price of new housing in provincial capitals of Spain fell by 6.6% in 2008. According to the Sociedad de Tasación it is estimated that the price of a square metre is now 2,712 euros.

According to a report by the Sociedad de Tasación property prices fell in all provincial capitals in Spain last year. Out of these 10 saw prices fall by more than 7% another 22 saw prices fall by between 5 and 7% and in the rest (18 in total) prices fell between 0 and 5%.

The biggest fall in prices was in Cádiz (11.9%) and Vitoria (10.5%), while the smallest fall in prices was in Soria (0.2%) and León (2.6%).