House prices in Madrid down 54pc since the peak

madrid

Resale house prices in the Spanish capital have more than halved since the bubble burst, according to a report by the Tecnocasa chain of estate agents.

Resale house price in Madrid fell by an annualised 17.6pc at the end of last year, to 1,818 €/m2, according to a new report from Tecnocasa, based on real transaction prices handled by the company.

Resale prices in Madrid peaked at above 3,900 €/m2 in 2006, which means that prices have fallen by 54pc peak-to-present, all according to the company’s database of price information.

The near-20pc fall in prices last year shows that “house prices have not yet touched bottom in the city,” say Tecnocasa.

As is to be expected, prices and price changes varied considerably by city district, with the best areas suffering the smallest falls.

Small, old properties in bad condition in buildings without a lift were also the hardest hit.

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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.