The nonsense one reads about Spanish property prices

[Mark Stücklin]

[caption id="attachment_187734" align="alignnone" width="1024"] Costa Dorada, Tarragona province[/caption]

I read today in the NORTHAMPTON HERALD & POST an article titled Northampton father and son to look for Spanish holiday home on TV show ‘A Place in the Sun’ claiming about house prices that:

The region they are seaarching (sic) in, Tarragona, isn’t a cheap place to go, though – especially considering that this pricey and popular area has retained its value even with the global economic crisis.

To my mind “retained its value” suggests prices haven’t dropped much, if at all, during the crisis.

In reality, house prices in Tarragona province has been pummeled by the Spanish property crash. Province-wide asking prices are down 52%, according to the portal fotocasa. If you look at just resorts on the coast, some examples are Cambrils down 36% and Salou down 40% peak-to-present.

According to official Govt. data, house prices in Tarragona province are down 23% in 10 years, one of the biggest drops in Spain for a coastal region that attracts tourists.

It is simply not true that property prices in Tarragona have retained their value in this crisis.

[Author]

Posts