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Today’s surinenglish makes interesting reading with the western CDS showing an increase in prices of 0.29% whilst Malaga city prices have fallen by 2.36%, the eastern CDS by 5.49% and inland by 10.59%
As single pages of the pdf copy of the paper are not easy to access (and I presume will disappear next week anyway) I have copied the pages to a different server
http://anglospanishtrading.com/sur.pdf
To me, this underlines my own opinion that prices are not, on the whole, collapsing – just the number of sales. Properties in the right places seem to be holding up when there are buyers. The presumption is that these figures actually allow for distress sales as well so what is the real situation?
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Is it from the same article I put on a few days ago? Think it cam from a Spanish Estate Agent.
Posted: Wed Jun 25, 2008 8:18 am Post subject:
According to Diario Sur (yesterday) prices in Estepona fell 6.5% in the second quarter, biggest falls were inland at 10.5%. Marbella bucked the trend and had an increase at 2.15%. Please don’t shoot the messenger -
@katy wrote:
Is it from the same article I put on a few days ago?
Guess it is the same article from Sur repeated in the Sur in English
The figures are showing falls inland but it is interesting that they seem to show certain towns/centres on the coast are holding up though. I think the figures are from one of the large national agents but they are the same people who have produced the figures for the past few years for the Sur whilst the market was rising.
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There could be a statistical element mis-representing house price changes depending on the way data is collected and analysed. An average is not always a good measure of reality as it is distorted by small numbers of large transactions. As an example if nine properties (e.g. 2 bed apartments) originally valued at £200,000 drop to £180,000 that represents a 10% fall. However now consider a property originally worth £2,000,000 (a villa on the Golden Mile) increases in value by 10% to £2,200,000. If this property is included with the nine apartments overall there has been an increase of value by £20,000, on average a rise of 0.526%.
Moving away from the maths logically I can envisage two markets in Marbella; the quality top end which is buoyed by wealthy recession proof cash buyers and the lower end with oversupply and poor quality where the mass market has largely disappeared. To say Marbella prices have increased is to treat the market as uniform. It clearly is not.
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