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Spain price falls slow - 20 May 2009

Latest figures indicating that the rate of property price falls in Spain has slowed should bring some encouragement to a real estate market that is desperately in need of some good news. The statistics, released by appraisal company Tinsa, show that between April 2008 and April 2009, the average drop in property price across the country was a little over ten per cent.

While this by no means signals the end of the bad times for property in Spain, it at least show that, much like the UK property market, there are signs beginning to emerge that there may be an end to falling prices sooner rather than later. The year-on-year falls were worst on the Costas, which showed a drop of some 13.5 per cent, while the Spanish islands held up relatively well with drops below the national average. The marker for the state of the market has been the performance of Spain's cities, which have been consistently at the same level as the national average in terms of monthly drops.

The slowing rate of price falls can be seen in the fact that in December 2008, the price drop was more than 14 per cent. The hope is that the package of measure put in place by the Spanish government will help stimulate the domestic property market, while the prospect of improving conditions elsewhere in Europe will free up capital to allow overseas buyers to return. There will be many in the UK and elsewhere in Europe who were looking to buy in different market overseas, but are waiting for the bottom of the market to announce its arrival. When that time comes, there could be a jump in buying activity in Spain and other markets.

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