Steep decline in Spanish property prices falling, latest figures suggest

[Nicholas Wallwork]

Residential property prices in Spain fell an average of 26% in June year on year with re-sale property suffering the most, according to the latest published figures.

Re-sale property prices were down 33% compared with June 2008 while new property sales were down 18%, the data from the National Institute of Statistics show.* Prices also suffered in the Balearic Islands where they dropped some 48%.

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[rowlandsbb]

The figures seem to contradict each other to some degree but as we all know there has been a sunstantial drop in asking prices
This time last year many developers with ready now or nearly so had not come to terms with reality but in 2009 have now reduced asking prices by 25/30% to get rid of stock
That applies to most including Polaris World
Other large developments have mothballed further phases
Sellers of re sale properties who have to sell have also now accepted reality and in this aspect it is the same as in UK...if you want to sell you have to be realistic

All this means is that life styel buyers are getting now super value for their money, even with the relatively low exchange rate
This will not go on forever!!!......the upward trend in exchange rate is already creating more interest from UK life style buyers who have been waiting to pounce

Stats make interesting reading but for any life style buyer, just go to Spain and see what you can get......if previously you thought your budget would only run to a nice apartment now it will probaly run to a villa...and so on

 

[Morton]

The figures seem to contradict each other to some degree but as we all know there has been a sunstantial drop in asking prices
This time last year many developers with ready now or nearly so had not come to terms with reality but in 2009 have now reduced asking prices by 25/30% to get rid of stock

 

[Erik C.]

I think it is a good time to buy in Spain, prices will only go up from where they are now.