Spanish House Prices officially down 8pc in biggest drop since crisis began

Spanish house prices fell 8.3pc over 12 months to the end of June, according to official figures from the Housing Department, part of the Ministry of Public Works (Fomento).

After 15 consecutive months of falling prices, the average home now costs 1,606 in terms of Euros per metre squared.

Peak to present, Spanish house prices have now fallen 23.5pc according to this index – one of two official house price indices published by Spain (the other one being the House Price Index from the National Institute of Statistics.

SPI Member Comments

Thoughts on “Spanish House Prices officially down 8pc in biggest drop since crisis began

  • Campbell D Ferguson, FRICS, says:

    It’s madness for the Government to continue publishing the statistics. Everybody knows that there wildly inaccurate in that the average fall has probably been closer to 50%. Foreign analysts look at these figures, assume them to be correct, and project that prices are still to fall a further 25% for them to be down at the same level as price falls in other countries.

  • Vernon White says:

    one needs to let the `Agents` know prices have dropped , they dont appear to reflect this in their `asking` prices , oh , ofcourse , not forgetting their 10% on top and hidden in the silly asking price too!!
    WAKE UP WAKE UP ! those greedy `Agents` are stiffling any possible growth in sales, in fact doing the opposite and putting people off even looking , let alone making a guestimate as to what ever the real price just may possibly be !!!

  • Andy Houston says:

    I have lived in Spain and Florida.
    Spain still has at least 30% more to the downside
    Europeans cannot even consider taking a actual loss on a property, I took last year A $600,000 loss on my property in Windermere , Florida , that is I received $600,000 less than what I paid for it, the pain is unbearable but you have too do it if you want to move on
    I was in Marbella two weeks ago the prices there are still crazy
    My old house there which I sold in 2005 is up for sale for 450,000 euro more than I got in 2005 the reality is real and yes you are right the corrupt real estate agents are a nightmare

  • paul whittaker says:

    I’ve just been looking round estate agents in some towns in Almeria and most seem to be carrying on with the delusion that nothing has changed, after 4 years of falling prices this must be in for some kind of record for being deluded.
    However, other estate agents seem to be adaptign to reality with prices up to 40% per sq m less than those in the delusional agents.
    My advice to anyone thinking of buying would be ignore the price and offer what you think is realistic.

  • One thing that skews the figures in Spain is the very high number of second/holiday homes owned by foreigners. In the US prices remained most stable in states that were not hugely affected by the downturn. Holiday homes in places like Florida, Las Vegas and to a lesser extent California, have gone down by 65-70%, likewise places like detroit with very high unemployment.

    There really is no realistic price for holiday homes in Spain but it is below 500 euros/metre.

    The Spanish have bought this on themselves with all of the corruption. They need to clean up their act and start treating non Spanish fairly before even holiday homes that are still classed as legal will have any value whatsoever.

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