Spain property prices fall further
08.10.2009
The average price of a property in Spain fell by 3.9% in the second quarter of this year and by 7.7% year-on-year, according to the latest figures released by the Spanish National Institute of Statistics (INE).
However, the data also shows that resale Spain property values dropped at a slower pace of decline in Q2, compared to the preceding quarter.
Resale Spanish home values fell by 12.5% in the first quarter of 2009, but slowed to a decline of 11.2% in the second quarter.
The index also claim that Spanish areas traditionally popular with foreign investors, such as Andalucia and Murcia, are holding up well. But areas such as Madrid, Catalonia, and the Basque Country, where values appreciated the most during the boom years, experienced that largest price declines.
Despite the government data, some people, such as Mark Stucklin of Spanish Property Insight are dubious of the figures and advise caution. He says that new-build Spain property prices have fallen by far more than the report suggests.
Source: homesoverseas.co.uk
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