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.