Tinsa Index – October

LoadingFavourite

This topic contains 8 replies, has 7 voices, and was last updated by Profile photo of angie angie 5 years ago.

  • Author
    Posts
  • #56407
    Profile photo of Anonymous
    Anonymous
    Participant

    http://www.tinsa.es/down/IMIE/2011/IMIE_10_2011.pdf

    General -6.9% (Sep -7.4%)
    Costas -6.9% (Sep -8.2%)

    Peak (Dec 2007) to present:
    Not yet available.

  • #106423
    Profile photo of Anonymous
    Anonymous
    Participant

    Peak (Dec 2007) to present:
    General: -23.7%
    Costas: -30.1%

  • #106424
    Profile photo of Chopera
    Chopera
    Participant

    To give an idea of what is really happening on the outskirts of Madrid, friends of mine have just had their flat valued at €120k. I think they paid around €220k for it back in the boom years. They made a poor choice in location because it’s in an area where they were building masses of new flats (currently empty) so the market has been flooded. Of course they can’t sell their flat for €120k because they are in negative equity, but they need to move, so they will just rent it out instead. I guess they might leave the advert on Idealista at a much higher asking price since it doesn’t cost them any money (which is what I suspect 99% of people are doing in Spain). However I was surprised to hear they got such a low/realistic valuation.

  • #106422
    Profile photo of peterhun
    peterhun
    Participant

    Inflation adjusted prices are soon, within a year, going to be back the level they were 10 years ago.

    And Tinsa is quite conservative in its figures.

  • #106427
    Profile photo of Anonymous
    Anonymous
    Participant

    For what it is worth, I have long felt that Tinsa, although to my mind the best of the indices available, is running about a year behind the market. For example, most observers would say that the market peaked somewhere in 2006 rather than the end of 2007.

    Chopera also highlights a couple of important factors. Location is crucial. The drop in price of properties in prime locations has been significantly lower than in those areas considered less desirable. Two areas I have been looking at are examples. In Nerja (Prime) I would say the fall from peak has been around 20%. Mijas on the other hand has seen falls in the 40-50% range.

    His point about the number of resale properties listed is also worth noting. I have seen some listings, price unchanged, on Idealista for years. The vendors simply cannot be serious about trying to sell at those asking prices.

  • #106429
    Profile photo of Anonymous
    Anonymous
    Participant

    @brianc_li wrote:

    For what it is worth, I have long felt that Tinsa, although to my mind the best of the indices available, is running about a year behind the market. For example, most observers would say that the market peaked somewhere in 2006 rather than the end of 2007.

    Chopera also highlights a couple of important factors. Location is crucial. The drop in price of properties in prime locations has been significantly lower than in those areas considered less desirable. Two areas I have been looking at are examples. In Nerja (Prime) I would say the fall from peak has been around 20%. Mijas on the other hand has seen falls in the 40-50% range.

    His point about the number of resale properties listed is also worth noting. I have seen some listings, price unchanged, on Idealista for years. The vendors simply cannot be serious about trying to sell at those asking prices.

    They did not have time to wreck the Nerja area as much as they did with Mijas area. So Nerja has less apartments/houses therefore prices are a bit higher. This doe s not make Nerja a prime area as compared to Mijas… Just demand and supply.

  • #106432
    Profile photo of Anonymous
    Anonymous
    Participant

    :well there is Nerja and there is Nerja 😮 😮 😮 😮 😮 😮

  • #106433
    Profile photo of katy
    katy
    Spectator

    @UBEDA wrote:

    :well there is Nerja and there is Nerja 😮 😮 😮 😮 😮 😮

    Yup and it has suffered the ravages of overdevelopment more than marbella. Nerja is without a soul. suffers from a case of calahondaitus 😉

  • #106435
    Profile photo of angie
    angie
    Spectator

    Mijas 🙄 it used to be an attractive Spanish town.

    Now full of tourist shops selling overpriced junk, lots of overpriced horse and carriage rides with poor horses often standing in the hot sun, and staggeringly awful views of the ugly urban sprawl of the coast below!

    They ruined it, and you have to look in the back streets for any authenticity 🙁 It doesn’t surprise me that property prices have taken a hit there.

You must be logged in to reply to this topic.