In yet another sign of continued weakness in the Spanish property market, the number of property appraisals carried out last year fell 4%, according to a new report from the Bank of Spain.
But whilst the number of appraisals fell by just 4%, property values contained in those appraisals fell by an average of 17%.
Taken over 3 years, the number of property appraisals has fallen 41%, and valuations by 34%, giving us some idea of how far Spanish property values have fallen since the property bubble burst.
It is interesting to note that signs of a slow down first showed up in the valuations data as far back as 2006, falling significantly in 2007 and 2008, and showing signs of bottoming out in 2009.
adiep says:
Has it bottomed or just found a bottom (for now)?
September brings the austerity budget, surely we dont think 2011 is going to see rising prices?
Colin Scriven says:
I personally believe we have some way to go before we see the ‘real’ bottom and i doubt we will see any price rises for at least 24 months.