Spanish house prices fall again,though prime areas fair better

September 12, 2011 – 9:07 am

Property prices in Tenerife,Balearics and Costa Brava fair better than the rest of Spain

Average Spanish house prices fell 4.1pc over 12 months to the end of Q1, according to the latest house price index published by Spain’s National Institute of Statistics (INE).

That represents a turn for the worse after prices clawed their way back towards stability in the second half of last year.

New build prices fell 1.9pc, whilst resales were down 6.3pc, the worst result since Q3 2009.

This ties in with other data such as falling transactions to paint a picture of a housing market still far from out of the woods.

Not all market segments are suffering equally. Prime segments in upmarket destinations like the Costa Brava,Tenerife, and the Balearics are doing better.

By Angela | Posted in Economy, General, Health, Holiday, Inspirational, Property, Tenerife, Things to Do | Tagged , , , , , , , , | Comments (0)

Housing market subdued in first five months of year

July 26, 2011 – 12:30 pm

Property prices falling in Spain and Tenerife during first five months of year

In the first 5 months of the year, the housing market was as subdued as the same period in 2009, until now the worst year on record. Excluding social housing there were 26,682 homes sales in May, 21pc less than the same month last year, according to the latest stats from the Government (NIE).

Home sales in the last 3 months have been the lowest since the crisis began. Year to date (end May), sales are down 8pc on last year and are almost the same (+2pc) as 2009 – the year that market the depths of the crisis until now.

Compared to 2007, sales in May were 62pc down and 54pc down year-to-date. Factor in price falls and the market has shrunk more than 70pc by value since 2007.

With Spanish unemployment refusing to budge from a calamitous 20pc, mortgage credit tightening, and expectations of falling house price increasingly entrenched, there’s no reason to expect the overall market to recover this year. Having said that patches of brightness are appearing in Tenerife in certain sectors of the property market.

By Angela | Posted in Economy, General, Health, Holiday, Miscellaneous Articles, Property, Tenerife, Things to Do, Weather | Tagged , , , , , , , , , , | Comments (0)