House Prices in Spain Fall 1.2% Over Summer Months
According to the Spanish House Price Index, average property prices in Spain have fallen 1.2% from €250,000 to €247,000 over the last three months (June – August 2007).
The Spanish House Price Index is produced by Kyero.com and is supported by the findings of the Spanish Ministry of Housing and using the free data available on the Kyero site you can see that Alicante, located on Spain’s east coast, is now the province most representative of the average property price of €247,000 whilst Malaga province remains the most expensive popular destination amongst Britons with average property prices of €310,000 – that’s 26% above the national average!
Catalan-speaking Barcelona, Mallorca and Girona top the Index as the most expensive in Spain with average prices of €621,000, €429,000 and €425,000 respectively…but this is also reflective of the fact that these are locations where there is also strong employment in Spain which adds greater affordability into the mix.
Spanish property bargains are still to be had inland with the provinces of Cordoba, Albacete and Jaen offering the lowest priced properties (averaging €148,000, €142,000 and €91,000 respectively).
Taking a look at the Canary Island of Fuerteventura, despite a doubling of population since 1998 (49,020 in 1998 to 105,000 Jan 2007 according to Spanish National Institute of Statistics), the location still offers bargain island living with average property prices currently at an attractive €229,000 level.
This proves that despite an overall slow down of investor confidence in the Spanish property market there is still demand, and what's more there remain strong affordability factors supporting the market such as the fact that international retirees come to Spain annually and bring fresh money into Spain's housing market - and then there is the ongoing British demand for a holiday home in Spain which results in a continuous flow of demand as well.
For more information about Spanish property prices and the Spanish real estate market please download the latest Kyero.com Spanish House Price Index: http://www.kyero.com/price_index/
