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Spanish House Prices Register Second Greatest Decline Globally Since 2012


Spain is the second country amongst the major world economies to record the greatest declines in their house prices since 2012, behind only Greece, according to a recent study published by ‘The Economist’ magazine.

Specifically, since the first quarter of 2012, Spain has accumulated a reduction in the price of housing of 14.3%, a figure exceeded only by Greece, which accumulated a decline of 25.6%.

In the list of 26 leading world economies, only four other countries have registered declines in their housing prices in the past four years: Italy (-13.6%); the Netherlands (-6.8%); France (-6%) and Singapore (-2%).

In contrast, the countries which recorded the greatest increases in their housing prices were Hong Kong and Turkey, with increases of 61.4% and 56%, respectively, followed by Brazil (+35%), the United States (+30%), South Africa (+29.1%) and the United Kingdom (+24.9%).

Over the last year however, El Mundo reported that Spain registered growth of 1.6% in its housing prices, above Belgium (+0.7%), France (-2.3%), China (-2.4%), Italy (-3.3%), Singapore (-3.7%) and Greece (-5.9%).

Hong Kong and Turkey were also the countries to register the largest growth year-on-year (of 20.8% and 18.8%, respectively), followed by Ireland (+13.4%), Sweden (+10.3%), Australia (+7.5%) and South Africa (+7.3%).


Energy Efficiency Certificate

News - Energy Efficiency Certificate (EEC) effective 1st June 2013

On 1st June 2013 a new law was introduced that makes it compulsory for property owners to obtain a "Certificado de Eficiencia Energética” in order to sell or rent a property.  What is an EEC?

An Energy Efficiency Certificate (EEC) is an official document produced by a qualified assessor that contains information about the energy characteristics and energy efficiency of a dwelling or building calculated according to the calculation method defined by the Ministry of Industry, Energy and Tourism. The certificate provides a rating of the energy efficiency and the carbon monoxide emissions using an A to G scale.

It also suggests possible improvements to make the building more energy efficient. Home owners are not obliged to implement these recommendations. The certificate is valid for a period of 10 years unless a property is extended or renovated.Who needs to have an EEC
Each owner of a building, house or premises over 50m² that will be sold or rented (in principle for more than 4 months a year) must have an EEC. At this moment an EEC is not required for existing long term tenants, only if the tenancy changes after 1st June 2013. It is the responsibility of the property owner to arrange and cover the cost of obtaining their EEC.  The A to G Scale

The most energy efficient homes are in band A and the least energy efficient homes in band G. The homes in band A should have the lowest energy bills. The same scale is used to define the impact of a home on the environment.

The average home in Spain is expected to be band E or F for both ratings. New build houses should be capable to obtain a D rating. Old properties might end up in the G category.