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Spanish property prices drop 4% in 2011

Date : (News Section: Spain)

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Spanish property prices drop 4% in 2011

Prices for property in Spain decreased by four per cent last year, according to a new report.

Figures from Sociedad de Tasacion show the average cost of a new dwelling stood at €213,840 (£177,169) in 2011, with 81,000 properties being built during the 12-month period. Barcelona had the most expensive homes, while Murcia recorded the lowest prices.

The real estate organisation said it believes this downward trend for house values will continue in 2012.

However, it also suggested the balance between supply and demand will improve, as the number of available residences starts to match the needs of buyers following the oversupply of properties in recent years, the Leader reported.

The newspaper said Sociedad de Tasacion's figures point to a slight upturn in some areas; although 48 of the 50 provinces saw a drop in prices, Zamora experienced an increase and Pontevedra's values began to level off.

Figures published by the Royal Institution of Chartered Surveyors last November indicated that agents believe the supply of distressed properties in Spain will continue to rise as a result of the eurozone crisis.

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Article by +Danny Bance on behalf of Propertyshowrooms.com

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