Wednesday, 1 April 2009

When buying a property in Spain now, save € 4.212 annually on average!

Following the data supplied by El Preciometro, purchasing a property in Spain today would make us safe on average € 4.212 per year in comparison with 2007.
This is due to the fact that property prices have decreased with 12.1% since the start of the crisis and to the Euribor level which is at its historical lowest level.

The property market situation in Spain, is very different to the one of July 2007, when property selling prices started to go down, after the real estate boom.

During these 21 months, the cost of property has decreased in an interrupted way till 12,1%. A 70 sq meters property which used to cost 176.470 €, can be acquired nowadays for € 155,120.

The difference is also important when comparing the mortgage repayments. If in July 2007, acquiring a 7o sq meters home was resulting in a monthly re-payment instalment of € 1.039 (during 25 years-Euribor 4,564%+0,50%), nowadays our monthly repayment would be of € 688, or € 351 less every month, which represents an annual saving of € 4.212.

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