Confidence is slowly returning to the Spanish market as the decline in house prices stabilises and banks allow developers to re-mortgage projects. We at Ultimate Homes are now confident the bottom of the market is in sight. Average prices fell by around 10% year on year for the fifth month in a row in June, according to the latest data from the Tinsa Index.
Values have fallen a total of 13% since their peak in December 2007. Prices on the coast, where most Spanish holiday homes are located are falling further and at a higher rate, however, decreasing by 12.3% year on year and 18% since the peak. Many new properties have reached the price it cost to build them or even a little bit less so we are reaching the point where there is no room for prices to fall further. We have also have noticed buyer appetite returning, especially Spanish buyers. Compared to 12 months ago it is like night and day – enquiries and viewings have probably quadrupled since then.
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