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.
Thoughts on “Property valuations down 41pc in 3 years”
Has it bottomed or just found a bottom (for now)?
September brings the austerity budget, surely we dont think 2011 is going to see rising prices?
Colin Scriven says:
I personally believe we have some way to go before we see the ‘real’ bottom and i doubt we will see any price rises for at least 24 months.