Every month Tinsa (Tasaciones Inmobiliarias SA), the largest property valuation company in Spain, releases a house price index. This index shows that having reached a peak in early 2008 Spanish property prices have since dropped by 10.1% as highlighted in the January 09 index.
In his informative article on Tinsa’s January 09 price index, Edward Hugh summarised that if the decline continues at that rate we could see a 20% – 25% drop by December 09.
However, Tinsa’s February Spanish Property Index has a surprise in store – it shows the year on year fall reduced to 9%. Does this mean that we have reached the bottom of the downturn – or is this just a blip in the figures?
To be sure we will have to see what the figures for March and April bring. You will be able to download these from the Tinsa site (helpfully they are also published in English).
Now it may just be a shade of optimism, but we have been seeing a slight increase in enquiries for property in the Costa Calida area, although the poor exchange rate is still having a negative impact on conversion to sales. However, investors have started buying up apartments in bulk, as recently seen on the Polaris World Hacienda Riquelme Golf Resort. Private sellers are becoming far more realistic about their asking prices and developers are offering some very tempting deals – this can only be good news for those thinking of buying in Spain.
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Tags: data for property prices, tinsa
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Trackback from Chuck on July 19, 2009 at 9:17 am
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We too have seen a steady increase in demand for properties in the Moraira area of Costa Blanca. When we compare the prices for villas prevailing today with that of say three years ago, the prices now represent astonishingly good value. I do not think we have necessary found the bottom of the market but we are seeing buyers now looking to take advantage of these conditions.
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