Spanish prices 'may be bottoming out'

Property prices in Spain may be close to bottoming out, it has been suggested.

Spanish property portal Kyero made the comment in response to new figures from the National Institute of Statistics, revealing an 11.2 per cent drop in prices in the second quarter of this year.

This compares with a fall of 12.5 per cent in the first quarter, indicating a slowdown in the rate of decline.

Kyero also noted that the smallest price falls are taking place in the areas that are favoured by overseas buyers, such as Andalucia.

The portal also produced some figures of its own showing that there is a lack of correlation between asking prices and sale prices.

It found that in the third quarter of 2009 the average asking amount was up two per cent compared with the same time 12 months before, whereas the second quarter figures was down 4.5 per cent on a year-on-year basis.

Last week, chief executive of overseas investment firm Assetz Stuart Law told the Independent there is some "some very good pricing" to be enjoyed by British buyers of Spanish property.

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