House price statistics released by the government last week revealed that the average price of property in Spain is now down to 2005 levels. Their figures are based on price per square meter, which currently stands at approximately 1,700 euros.
The summer months are traditionally a quiet time in the Real Estates business on the Costa del Sol as many of the people who visit the area are primarily in holiday mode. Beach, sangria and nightlife are the main concerns with little thought given over to property purchases.
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According to Tinsa’s property price index on the Mediterranean coast fell by 14,3% in 2008 with a lower drop in the towns and cities at 10,2%. For you information Tinsa is one of Spain’s leading appraisal companies.
It also appears that this fall applies to both newly built and resale properties.
First and foremost, before I go any further I just want to wish all my readers a Felices Fiestas! Hope you have had a very merry Christmas and here’s to a great new years.
Ok now for the boring stuff. Below I’m going to review how the property market has been and what we can expect from 2009.
