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House prices down 60% in Madrid since start of crises

Property prices in Madrid continued their relentless downward spiral in 2013, with market values down 12%, according to data from Tecnocasa, one of the largest estate agent chains in Spain.

The average property price in Madrid is currently €1,615sqm and, according to a report by Spanish Property Insight, this price is not much more than the cost of construction, excluding the price of the land.

On a cumulative basis house prices in Madrid have fallen 59% from their peak with now sign of prices rising yet, unlike in other markets that crashed by a similar level like Ireland and Dubai.

By district in the city (and only including areas with a Tecnocasa office), resale prices in Madrid vary from €2,643sqm in Chamberí, to €984sqm in Villaverde.

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