Property values in Spain fall yet again
Spain may have managed to drag itself out of its two year long recession but the nation’s troubled housing market continues to suffer.
According to a report the price per square metre in Spanish properties compared to last year has fallen by a further 9.3% in the third quarter of the year. This latest decline in the value of Spanish property now means that since the start of the economic crisis in 2007 overall house price values have tumbled by a staggering 38.1%.
Spain was one of the country’s worst hit by the fallout from the credit crisis. The economic crisis burst the country’s housing bubble, and its banks needed government bailouts to survive after being left holding hundreds of billions of Euro’s in bad debts.
The country’s autonomous regions are the worst affected parts of the country with many recording declines of up to 10% in the average value of property in 2013. Andalucía was the worst affected reporting declines of 10.1%.
The continuing decline in property values is good news for wannabe Expats looking to move to Spain and with the Euro holding relatively steady now is a good time to invest in Spanish property. For Expats living in Spain however the news is not good, those hoping to escape the ongoing financial crisis have little to no hope of getting a good price for their property.
There is some glimmer of hope however as the report also mentioned that ten towns in Andalucía recorded slight increases in property values and with the news that Spain has clawed its way out of its recession prices could rise if the nation’s economy continues to improve.