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http://www.tinsa.es/down/IMIE/2011/IMIE_10_2011.pdf
General -6.9% (Sep -7.4%)
Costas -6.9% (Sep -8.2%)Peak (Dec 2007) to present:
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To give an idea of what is really happening on the outskirts of Madrid, friends of mine have just had their flat valued at €120k. I think they paid around €220k for it back in the boom years. They made a poor choice in location because it’s in an area where they were building masses of new flats (currently empty) so the market has been flooded. Of course they can’t sell their flat for €120k because they are in negative equity, but they need to move, so they will just rent it out instead. I guess they might leave the advert on Idealista at a much higher asking price since it doesn’t cost them any money (which is what I suspect 99% of people are doing in Spain). However I was surprised to hear they got such a low/realistic valuation.
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For what it is worth, I have long felt that Tinsa, although to my mind the best of the indices available, is running about a year behind the market. For example, most observers would say that the market peaked somewhere in 2006 rather than the end of 2007.
Chopera also highlights a couple of important factors. Location is crucial. The drop in price of properties in prime locations has been significantly lower than in those areas considered less desirable. Two areas I have been looking at are examples. In Nerja (Prime) I would say the fall from peak has been around 20%. Mijas on the other hand has seen falls in the 40-50% range.
His point about the number of resale properties listed is also worth noting. I have seen some listings, price unchanged, on Idealista for years. The vendors simply cannot be serious about trying to sell at those asking prices.
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@brianc_li wrote:
For what it is worth, I have long felt that Tinsa, although to my mind the best of the indices available, is running about a year behind the market. For example, most observers would say that the market peaked somewhere in 2006 rather than the end of 2007.
Chopera also highlights a couple of important factors. Location is crucial. The drop in price of properties in prime locations has been significantly lower than in those areas considered less desirable. Two areas I have been looking at are examples. In Nerja (Prime) I would say the fall from peak has been around 20%. Mijas on the other hand has seen falls in the 40-50% range.
His point about the number of resale properties listed is also worth noting. I have seen some listings, price unchanged, on Idealista for years. The vendors simply cannot be serious about trying to sell at those asking prices.
They did not have time to wreck the Nerja area as much as they did with Mijas area. So Nerja has less apartments/houses therefore prices are a bit higher. This doe s not make Nerja a prime area as compared to Mijas… Just demand and supply.
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Mijas 🙄 it used to be an attractive Spanish town.
Now full of tourist shops selling overpriced junk, lots of overpriced horse and carriage rides with poor horses often standing in the hot sun, and staggeringly awful views of the ugly urban sprawl of the coast below!
They ruined it, and you have to look in the back streets for any authenticity 🙁 It doesn’t surprise me that property prices have taken a hit there.
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