If ever there was a time to snap up a bargain Spanish property is now
Never before has the chance been so affordable to own your own Spanish property, to live, retire, work or generate revenue by cashing in on the still increasing tourism market.
According to the real estate valuation firm Tasaciones Inmobiliarias (Tinsa), in Andalucia, the average price of housing fell by 6.8 per cent in August over the same month of 2010, which marks an incredible accumulated drop of 23.5 per cent since its peak in late 2007.
The price drop is starting to ease now, which many industry professionals feel is finally at the bottom of the trend, and that prices will soon start to increase, in the same way that overseas tourism had dropped in recent years, in favour of the so called “staycation”, but has now started to reach record highs once again, with some areas registering 100 per cent hotel occupancy over the summer months.
Across all of Spain, the average house price fell 6.4 per cent in August over the same month of 2010, and in the metropolitan areas, there was a decrease of 5.8 per cent. In the Balearic and Canary Islands, property only dropped by just 4.9 per cent during August.