Asking prices kick off year with declines in January

In keeping with last year’s trend, vendors continue reducing their expectations on a monthly basis, though not in all areas.

Asking prices fell between 0.3pc and 0.6pc month-to-month according to idealista.com and fotocasa.es, two of Spain’s leading property portals.

Idealista say resale asking prices fell 0.6pc to 2,258 €/m2 between December and January, whilst Fotocasa, in conjunction with IESE business school, say prices fell 0.3pc to 2,255 €/m2.

According to Fotocasa, an average home (flat) of 80m2 would now cost 180,400€, down 4.7pc in a year and 23.6pc since the April 2007 peak when prices hit 2,952€/m2.

On the bright side prices fell in fewer areas last month, with prices stable or rising in 7 of Spain’s autonomous regions.

Idealista say average asking prices rose month-to-monthh in 7 regions led by Murcia with 1.8pc, followed by The Canaries (+1.2pc) and Galicia (+1pc). Prices fell the most in Cantabria (-1.5pc), Extremadura (-1.2pc) and Asutrias (-1pc).

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About Mark Stücklin

Mark Stücklin is a Barcelona-based property market analyst and consultant, and author of the 'Spanish Property Doctor' column in the Sunday Times (2005 - 2008). He can be reached by email on ms@spanishpropertyinsight.com.