Property valuations down 41pc in 3 years

In yet another sign of continued weakness in the Spanish property market, the number of property appraisals carried out last year fell 4%, according to a new report from the Bank of Spain.

But whilst the number of appraisals fell by just 4%, property values contained in those appraisals fell by an average of 17%.

Taken over 3 years, the number of property appraisals has fallen 41%, and valuations by 34%, giving us some idea of how far Spanish property values have fallen since the property bubble burst.

It is interesting to note that signs of a slow down first showed up in the valuations data as far back as 2006, falling significantly in 2007 and 2008, and showing signs of bottoming out in 2009.

About Mark Stücklin

Mark Stücklin is a Barcelona-based Spanish property market analyst, and author of the 'Spanish Property Doctor' column in the Sunday Times (2005 - 2008).

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