The prices of apartments hit rock bottom

October 13, 2010 at 11:18 am Leave a comment

Last month PM Zapatero announced in an interview in the US that housing prices have hit bottom and they are slowly increasing now. This was to be interpreted as a sign that the real estate market is back on track and the worst part of the crisis has past.

Well, this affirmation is contradicted by Tinsa, the real estate appraisal company. According to their reports, the average house price in September fell 5% compared to the same month last year, four points more than it had declined in August.

Housing prices fall

The index of real estate valuations for apartments, both new and used, reflected a further decline after months when it seemed that prices tended to moderate. But there is still hope for the last months of the year, when an increased demand is expected due to the tax deduction which disappears in January 2011.

The area hardest hit by the bursting of the housing bubble remains the Mediterranean coast, with a decrease of 8.7%, although rates away from a year earlier, when the fall is over 11%.

Below average is the capital and large cities (where prices fell by 4.6%), the Balearic and Canary (-4.2%) and the remaining municipalities (-3.4%).

source: elmundo


Entry filed under: Housing, News, Real estate. Tags: , , , , .

Social Media For Real Estate Brokers Spanish urban development was centered on land speculation

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