2012 is looking like it’s to be the worst year for the Spanish property market since the property crash in mid 2007, which means awful prospect for sellers and great news for bargain property hunters.
However on a brighter note for the marketplace, the rate residential property prices in the nation fell slowed during last month, according to most up to date figures discharged by IMIE General Index, Tinsa, which disclosed that the typical cost of a home in Spain depreciated by 10.8 % year-on-year in June, an enhancement on the 11.1 % yearly fall recorded in May.
The greatest property deals can potentially be secured along the Mediterranean coast — areas like Costa Blanca, Costa Calida and the quieter Almeria regions the average values have dropped by 13.3 % year-on-year. The market places in the Balearic and Canary Islands seem to be fairing slightly better, with values dropping just 6.8 % last month compared to that of June 2011.
However regardless of the reduction in property rates, residential, commercial and holiday properties (second home) sales are falling throughout the majority parts of Spain, which suggests that values will simply drop further.
Good news and Bad news!
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