Spanish property are down 30% since the start of 2008, whilst client enquiries are up 42% in the last 6 months, according to Look & Find, a chain of real estate agents with offices around Spain.
Property prices fell 25% in 2008, and are down another 5% this year, a cumulative fall of 30%, say Look & Find. That takes prices back to where they were at the end of 2004.
“Demand that has been contained for more than a year and a half is now starting to grow again,” a company spokesman told the Spanish press. Demand is growing strongest in big cities like Madrid, Barcelona, and Seville, “where prices per square metre had reached the highest levels and where housing affordability was most difficult.”
Buyer enquiries are on the rise thanks to falling prices and lower interest rates, say Look & Find. “Demand is starting to emerge strongly, a trend that will define the second half of 2009.”