Costa Blanca prices 'cut to sell'

Costa Blanca-based agent Colin Scriven of Hamiltons of London told the Times the new-build market has been particularly affected by the recent Spanish property market downturn, with many homes close to beaches still available for sale.

"The only things selling right now are bargains," he commented, suggesting that those keen to invest in Spanish property at this time may be able to find some very favourable deals.

An example described by the paper was that of a two-bedroom flat in the Benahavis area near Puerto Banus that seller GEM Estates dropped in price last November from EUR 351,278 (GBP 323,632) to EUR 200,781.

Figures produced this week by the Global Property Guide annual survey of prices for 2008 showed that Spain saw an inflation-adjusted fall of 5.53 per cent.

This included a 2.2. per cent drop in the last quarter of the year.
 

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