Spanish Property Prices Still Officially Falling
12 Mar 2011
The latest property prices figures for real estate in Spain show that prices fell by between 3.5 and 4.5% year on year in February.
The data from the Department of Housing show prices fell 3.5% in nominal terms, but in real terms average prices were down 6.5%. It means that prices have now fallen 13.1% since their peak on average. In popular holiday home locations though such as the Costa Blanca, they are down 20% on property for sale in Costa Blanca
Then figures from the Tinsa Spanish House Price Index for February give a national average price fall of 4.5%. Regionally prices are down 5.2% in large cities, 6.7% on the Mediterranean coast and only down slightly in the Balearics and Canaries at 0.8%. This could indicate the current huge interest in Mallorca property.
This means that since the peak of the market average prices are down 27.2% on the Mediterranean coast, down 20.6% in large cities and down 17.5% in the Balearics and Canaries.
There are signs though that this year could see more people return to Spain in terms of tourism and buying houses.
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