Improvement in Spanish real estate market

August 9, 2010 at 11:51 am Leave a comment

The latest real estate prices have revealed a stabilization in the real estate market in coastal areas. The Spanish Property Market General Index reached 1908 points in June, just 0.4% down on the May figures. It means the average year on year price fall is 4%. The index, published by Tinsa, says, however that there has been a downturn on the Mediterranean Coast popular with second and holiday homebuyers.

Compared with the peak of the market prices on the Mediterranean coast have fallen 22%, are down 17.9% in metropolitan areas, down 17.4% in capitals and large cities, down 14.3% in other municipalities and down 14% in the Balearic and Canary islands. Prices have fallen with 18% in Malaga, 17% in Alicante and 16% in Murcia. This shows that prices have reached the level in 2006.

The actual market is improving though, according to real estate sales figures. Those from the National Institute of Statistics indicate that the market expanded 10.6% in May compared with the same month in 2009.

Excluding social housing, there were 33,873 residential property transactions in May, up 10% since the previous months. Sales increased for both new and re-sale properties.

There are considerable regional variations. Sales fell 17% in Malaga and 11% in Murcia but increased 50% in Huelva, 26% in Catalonia and were up 24% in the Canary Islands.



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