Cost Brava property prices update

Real estate prices on the Costa Brava have risen enormously in recent years.

According to Spanish government figures, average property prices in Girona (Gerona) province – where the Costa Brava is located – rose by 241% over 10 years to the end of 2007. That is, real estate prices in Girona province more than tripled over 10 years to 2007, and average prices on the coast are likely to have risen even further. But relative to other popular Spanish coastal areas, such as the Costa del Sol and The Balearics, price increases on the Costa Brava don’t sound so crazy. Over the same period, prices rose by 327% in Malaga (Costa del Sol), and 270% in The Balearics.

Now that the credit crunch has bitten and Spain’s property bubble has burst, property prices on the Costa Brava are stagnating, and look set to fall, though many vendors are still holding out for bubble-era prices (so be careful, and do your homework before buying). According to government figures, average prices rose by 4.8% in 2007, and by just 0.8% in the last quarter of 2007, though in reality prices probably stagnated at best, as the government’s figures tend to overstate price increases. Even so, property in this area is never going to be cheap, and a price tag of a million Euros or more is common for detached properties in the best areas.

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