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In yet another sign of continued weakness in the Spanish property market, the number of property appraisals carried out last year fell 4%, according to a new report from the Bank of Spain.
Costa del Sol property valuations
By Tinsa for October are continuing to show a positive trend with year-on-year prices for Spains mediterrenean coast down just 9.9%, the best result since November 2008.
The last positive increase by TINSA was in January 2008 with average valuations along Spain Mediterreanean coast as 2537€/m2. They now stand at 2082€/m2 as of October. That means to date there has been a 17.93% decrease from its height.
As always, please note these figure refer to valuations and not actual sales prices and that these figure refer to the entire mediterranean coast and not specifically for the Costa del Sol.
Regards
Andrew Belles
Towards transparency in the investment property market
Note: Although not recent, I thought this article by TINSA would make interesting reading, regards Andrew.
What viewpoint should govern the anticipation principles that a professional Appraiser uses to obtain an estimate of the Fair Value of an Investment Property?
The Fair Value is defined in the I.F.R.S. (International Financial Reporting Standards as: “The best price that can reasonably be obtained by the vendor and the most advantageous price possible for the buyer”.
And it then goes on to add the annotation: In the majority of cases, the Fair Value will be the Market Value.