House prices fall in Spain
Monday, 31 Dec 2007 10:14
House prices fell across much of Spain in 2007
House prices across the main Spanish property markets have fallen over 2007 for the first time since 2000, new research reveals.
That is according to the Spanish property specialist Idealista.com, which reports resale property values dropped by two per cent in Barcelona and 0.3 per cent in Madrid.
However, the company's annual house price report finds Valencia bucked the trend, with a rise of 3.7 per cent.
Idealista also released quarterly house price trends on several other major property investment regions in Spain, including Andalusia, the Balearics and Canary Isles.
In Andalusia, some of the regions seeing the highest house price inflation over the fourth quarter of 2007 include Chiclana de la Frontera in Cadiz (up 6.5 per cent), and Rincon de la Victoria and Estepona in the Malaga region (up four and 2.4 per cent respectively).
Malaga and Marbella both stayed static over the last year, seeing falls of 0.1 per cent.
However, there were several areas seeing prices go down by over two per cent over the last quarter, including Algeciras and Rota in Cadiz (both down 2.1 per cent), Granada (down 2.5 per cent) and Isla Cristina in Huelva (down 2.8 per cent).
In the Malaga region, areas seeing price falls include Torremolinos (down 2.2 per cent), Fuengirola (down 2.7 per cent) and Mijas (down 7.8 per cent).
Away from the mainland, Idealista recorded falls of three per cent in Palma de Mallorca, the capital of the Balearics, over the last three months of 2007.
On the Canaries, figures from the property specialist show resale prices dropped 3.6 per cent in Adeje, and 0.3 per cent in Santa Cruz de Tenerife, but rose 3.7 per cent in Las Palmas de Gran Canaria.