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MADRID October 2011 . Housing prices fell by 5.6% in the third quarter over the same period in 2010, thus continuing the downward trend and that started in late 2008, according to price statistics released today by the Ministry of Development.

Between July and September this year, the average price per square meter of properties in Spain stood at 1729.3 euros, the lowest figure since the first quarter of 2005, when it reached 1685.4 euros.
With respect to the previous quarter, housing prices noted a fall of 1.3%.

With these figures, the average price of private housing is far from the values which reached in the first three months of 2008, when he scored his record.
Specifically, data from the third quarter confirm an underpricing of 17.7% from the peak of 2101.4 euros per square meter that recorded the price of private housing three years ago. After closing 2010 with a fall of 3.5%, housing prices accelerated their decline gradually until it fell 0.36 percentage points higher than the percentage at which it did in the second quarter of this year, when it fell to 5, 24%, the biggest drop since late 2009. However, these cuts are lower than those that occurred precisely in mid-2009 when house prices fall more freely arrived at a moderate 8% and then lowering to around 4% which were maintained average in 2010.

Furthermore, in cumulative terms, in so far this year the price of housing is 5.2% less than that experienced in the same period a year earlier.

By type of property, the price of available new house (up to two years old) stood at 1747.5 euros per square meter, 5.4% less than a year earlier, while the used (more than two years old), was of 1,719 euros per square meter, 5.9% less.

In addition, the protected home prices reached 1158.1 euros per square meter, just like in the third quarter of 2010.

Thus, the overall rate of housing prices, which includes free and protected, fell 5.5% year between July and September.

For communities, the biggest falls were in Aragon and Madrid, with 8.4% less, Murcia (7.9%), La Rioja (5.4%), Navarra (6.7%), Catalonia (6, 5%), Castilla y Leon (6%), Castilla la Mancha (5.8%) and Andalusia (5.6%).

For its part, the smaller decreases were recorded in Valencia (5%), Balearic Islands (4.3%), Canary Islands (3.4%), Galicia (2.8%), Cantabria (1.1%) , Basque Country (0.9%), Asturias (0.7%) and Ceuta and Melilla (0.3%).

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