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Spanish Property Prices Update

I haven't done a recent update on Spanish property prices, but my spies tell me that the latest survey has shown that people buying in Spain have been offering on average 25% below the asking price. Perhaps we have just begun to enter the last stage of the collapse in prices. This is usually where prices fall fastest.

If this is the case then those properties that have now come down to more reasonable prices will be receiving offers of less than €60,000 for the average 2/3 bed flat, a figure I said we'd see before any rises. I think we'll undershoot that figure. Maybe at the end of the year when I do my update we'll find we are sliding towards €50,000. I wouldn't be at all surprised.

Those who are buying now are jumping the gun. We still have further to fall. The tourist market is wrecked, the over-hang of unsold new properties, and second hand homes is still vast, and Spain is still mired in economic doom and gloom.

There is time. Rent for a year or two more, then maybe you will find prices have started to bump along the bottom. They will continue bumping on the bottom for some time, but they aren't at rock bottom yet.


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