House prices fall across main Spanish markets

Permalink: House prices fall across main Spanish markets
by Gill Montia

According to research by Idealista.com, the Spanish property specialist, house prices across the main Spanish markets fell in 2007.

Prices were down for the first time since 2000, with resale property values dropping by 2% in Barcelona and 0.3% in Madrid, although Valencia recorded a rise of 3.7%.

The report includes quarterly house price trends for several major property investment regions in the country.

For example, in the fourth-quarter of 2007, Chiclana de la Frontera in Cadiz recorded growth of 6.5%.

In Rincon de la Victoria and Estepona, both in the Malaga region, prices rose 4% and 2.4% respectively.

Algeciras and Rota in Cadiz recorded falls of 2.1%; Granada 2.5%; and Isla Cristina in Huelva 2.8%.

In the Malaga region, prices in Mijas dropped the most, at 7.8%, while Torremolinos and Fuengirola saw falls of 2.2% and 2.7% respectively.

Turning to the Spanish islands, Palma de Mallorca, the capital of the Balearics, recorded a fall of 3% over the last three months of 2007.

Adeje in the Canaries recorded a 3.6% decrease in resale prices and Santa Cruz de Tenerife, 0.3%.

However, prices increased by 3.7% in Las Palmas de Gran Canaria.