A recent article on Propertywire.com takes a look at how property prices throughout Spain are falling. In Barcelona alone: “new housing starts are down by 80%, and prices are falling according ot the figures from idealista.com – a Spanish property portal.” and the “coastal resorts around Barcelona which have been popular with second home buyers are also seeing a steep decline. Asking prices have fallen by 15% in Malgrat and Pineda de Mar, 13.3% on the Costa Brava, and 13.5% on the Costa Dorada.”.
It’s a shame that other areas like the Costa del Sol or the Costa Blanca have not been analyzed in this article so we decided to do some research ourselves. Valencia experienced drops in prices as well, with some places like Moncofar Playa seeing double digit drops at 12%. Similar price drops can be found when you look at areas throughout Andalucia including popular destinations such as Marbella where property prices dropped by 10.3% during 2008. And even the popular holiday resort Sitges has seen its property prices drop, in 2008 the drop was 3.7%.
One thing is for sure, property prices have dropped on idealista.com, but what about offline? It would be interesting to see how real estate agents throughout Spain have seen prices evolving. Discuss this and much more on our Spain Forums in the Current Affairs forum section.