Some interesting news following the release of the study carried out by Fotocasa (the Spanish property portal) regarding price movements during the first quarter of this year.
Average prices in Benidorm still remain the highest in the Communidad Valenciana at 2.726 euros per sq.metre, a decline of 0.9% during the quarter and 4.9% year-on-year (March 2008 to March 2009). Interestingly enough El Campello is located in second position with an average price of 2.502 Euros per sq.metre which is actually up by 3.2% over the last 12 months. At the other end of the scale, Torrevieja has one of the cheapest average prices of 1.524 euros per sq.metre, and experienced a decline of 16.2% over the year. Alicante, as the capital of the province in which we work and live has an average price of 2.000 Euros per sq.metre and has seen declines of 2.6% during the quarter and 6.4% during the last 12 months.
Prices in general throughout Spain have shown declines over the last 12 months, with an averge price of 2.487 euros per sq.metre, down 10.4% over the year and down 15.8% since April 2007 which was when average prices reached their highest point ever (2.952 euros per sq.metre).
As the figures above show, huge variations in price can be found just in the Alicante region alone which really shows how important location still is (obvious statement to make I know). We also have found several opportunities with large discounts of 30 to 40% which are extremely well priced now bearing in mind average prices are down 15% or so.
The pound has also started to strengthen over the last few months and many experts feel that an exchange rate close to the 1.25 /1.30 is realistic over the coming months, which will make the Spanish market much more attractive to British buyers once again. In actual fact, Currencies Direct, the foreign currency specialists, have noted a "doubling" in British buyers changing pounds for euros compared to this time last year.
By no means are we at the end of seeing monthly average-price declines, but looking longer term there hasn't been a better time to buy a Spanish property in years.
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