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Price falls reach Spain’s best addresses

Barcelona's Paseo de Gracia feels the crunch
Barcelona's Paseo de Gracia feels the crunch

The price of property in Spain’s best addresses is falling along with the rest of the market, at least according to a new report from TecniTasa, one of Spain’s official appraisal companies.

On Paseo de Gracia, in Barcelona, prices have fallen from 11,000 Euros/m2 in 2008 to 9,500 Euros/m2 today, a drop of almost 15%. As a result, Barcelona has gone from Spain’s most expensive address, to the second most expensive.

Prices have held up a bit better on Calle Serrano, in Madrid, which as a result has taken Barcelona’s place as Spain’s most expensive street. Property prices on Calle Serrano have fallen from 10,000 Euros/m2 in 2008 to 9,900 Euros/m2 today.

Prices have also fallen significantly in upmarket areas of Bilbao, San Sebastian , and Zaragoza – by more than 1,000 Euros/m2 in the case of the last two. Prices in the best areas of Girona, capital of the Costa Brava region, have fallen from 6,000 Euros/m2 to 4,600 Euros/m2.

On average, property prices have fallen by 8% in Spain’s seven most expensive cities.

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