Real estate prices in Spain continue to trend downward, although luxury properties are retaining their value and more foreigners are purchasing homes in the region. Tinsa, a Spanish appraisal firm, reports prices are down 7.4% in the last 12 months, and are declining to an ever greater degree in the country’s largest cities, with values declining as much as 31.9% from their historical peak. High-end real estate, however, is doing well in the country. Places like Mallorca along the Mediterranean coast enjoy a strong market with plenty of demand, according to Sotheby’s International Realty. For more on this continue reading the following article from Property Wire .
Average residential property prices in Spain have fallen by 7.4% in the 12 months to the end of September, according to the latest House Price Index from Tinsa, one of Spain’s leading appraisal companies.
The steepest price falls were in large cities where they declined 8.9%, followed by the Mediterranean coast where most overseas buyers have holiday homes. Peak to present, prices are down on average 24.1% and by 31.9% on the coast.
Spanish property options: Spain From Boom to Bust in Three Generations
Spain today, is a very different Country from the Spain that many of us lived in, and visited in the last decade. In reality experts foresaw the current collapse of an economy based on unsustainable credit, real estate speculation, and pulled out of Spain before the collapse of 2008. But what is the reality, and future of a once dubbed European Union success story? Rising living costs, and low salaries killed the Spanish dream for many expatriates as was the shortage of any available work. Before the current unemployment crisis, young Spaniards demonstrated in Madrid, citing the fact they could not live on 600 euro a month. Expatriates cashing on this boom, sold on often buying properties in Bulgaria and South Africa, Spanish-based real estate agents promoted. Corruption also helped kill the economy. Before the 2008 collapse Spain had the unenviable reputation of having three former Majors in jail at the same time, and the local police chief. All helped create a mini-boom in Marbella, at the expense of "selling" public land to favored speculators, and awarding illegal ownership papers. This corruption killed the faith in Spanish property ownership.
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