Abstract
The objective of this study is to show different recent trends (2001-2009) in second-hand housing prices in Spain and in different neighbourhoods in Alcala de Henares and Leon, both of which are cities with very diverse economic and demographic characteristics. The first is a city in the metropolitan area of Madrid, with high landprices. The increasing demand for housing in Alcala de Henares is a good alternative for households, in view of high prices in Madrid. The second is Leon, the capital of the province of Leon, which is undergoing a depopulation process. We will demonstrate that house price dynamics is a local phenomenon and national or regional level data conceal interesting differences within cities (districts and neighbourhoods). The latest rise and decline in housing prices is clearly visible on the outskirts and sometimes non-existent in the town centre area.
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