Spanish property valuations down 41pc in 3 years

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.

But whilst the number of appraisals fell by just 4%, property values contained in those appraisals fell by an average of 17%.

Taken over 3 years, the number of property appraisals has fallen 41%, and valuations by 34%, giving us some idea of how far Spanish property values have fallen since the property bubble burst.

It is interesting to note that signs of a slow down first showed up in the valuations data as far back as 2006, falling significantly in 2007 and 2008, and showing signs of bottoming out in 2009.

Source: spanishpropertyinsight

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