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Asking prices for Spanish property grow steadily

9th November 2006 | back to article listings BACK    print this article PRINT

After a mild mid-summer slump, Spanish property prices have recovered this autumn and are now growing at a strong and steady rate, according to the latest research.

A property investor considering purchasing a second home in Spain can expect to pay around €10,000 (£6,700) more this November than back in August, when the average property price was €245,000 (£165,000), reports property experts Kyero.com.

Although Kyero states that its study does not claim to be authoritative as its representative sample of asking prices in various regions is focused on those areas where foreigners are most likely to invest, the property firm's results do appear to fit with some experts' views, who claim that properties in Spain are accumulating value slowly but surely.

The biggest property price increases reported in the survey were in the north-west of the country, near the Costa Brava.

Barcelona's asking prices have risen 14 per cent since August and are now the highest in the country, at €617,000 (£415,000). Meanwhile close-by Girona also saw dramatic rises of 21 per cent, meaning that a property in the city would cost €428,000 (£288,000), if buyers were not able to haggle.

However, as the survey takes a higher percentage samples from Alicante and Malaga, figures from these regions claim to be a more accurate reflection of movements in the property market.

In these regions, highly popular with both tourists and investors alike, prices rose by a much slower rate than in the north-eastern cities but still considerably above UK price increases.

Sellers in Malaga are now requesting €325,000 (€219,000) for a typical property, an increase of four per cent from August's marginal slump. Likewise, those who own homes in Alicante can expect to charge six per cent more than back in August; now the average price in the region is €231,000 (£155,500).

The research backs up the opinions of many property experts who have been saying of late that Spain is now a mature property market and so investors will not see the astronomic gains of the mid-nineties but nor will they experience the pitfalls of when a volatile market is downturns.

The Kyero survey puts Spain's average asking price at €255,000 (£171,000), which is not too far off the average UK house price of £185,000, as reported by Halifax today (November 9th).

However, a survey last month by Rightmove said in terms of asking prices, upon which the Kyero research is based, UK sellers are considerably more demanding than their Spanish counterparts, requesting £218,954 for the typical home.

This demonstrates that while prices are still cheaper than in the UK, they are catching up rapidly as Spain grows to become a more mature market.

This is a press release by Assetz also available at http://press.assetz.co.uk/articles/3086.html. Alternatively, please see our full press release archive.

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