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This was published yesterday, I´m surprised nobody has mentioned it.
http://www.tinsa.es/down/IMIE/IMIE_Abril_09.pdf
Med coast properties showed a decline of 13.5% year on year (Compared to 11.5% in March). Does this mean vendors are at last beginning to cut prices?
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@brianc_li wrote:
This was published yesterday, I´m surprised nobody has mentioned it.
http://www.tinsa.es/down/IMIE/IMIE_Abril_09.pdf
Med coast properties showed a decline of 13.5% year on year (Compared to 11.5% in March). Does this mean vendors are at last beginning to cut prices?
It is some start. I observed some reductions on fotocasa for some properties I am following.
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It would not have been mentioned as really what is it stating? From a valuation company who like all the others, base their ´values´on euros per sqm metre and not on actual selling prices.
So frankly it is out of touch.
Useful to some degree, but which I dont know. Tinsa were ordered by BOS to tighten up their valuation criteria, but in my experience, all valuations are still way above actual selling prices.
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Tinsa is by no means perfect but IMO it is the best of the indeces around. The official ones are laughable (according to them prices actually rose last year) and even people such as Kyero readily admit that theirs, based on asking prices, is not nearly as good as that of Tinsa.
Yes it is somewhat lagging behind the real market. What it does show well however are trends. In this case that property prices are dropping and that the rate of drop is accelerating.
If you, or anyone else for that matter, can suggest where I may find more accurate, publicly available, figures I’m open to suggestions.
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The only way for accurate info would be from notary records showing the prices property exchanges for. I dont think they issue any! Also due to the b money these arent exactly correct either!
Wherever it is you are buying, if you find a decent honest agent (yes I know!!!) then they should be able to guide you to what proeprties actually trade at.
Im not going to knock the valuers as they have a hard job, but if they ran on the lines of the UK and used comparables, it would be much more accurate for buyers and sellers.
Depending on the unit, they are anything from 15 to 40% out.
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I´m not sure I understand what your complaint about Tinsa is when you say “Depending on the unit, they are anything from 15 to 40% out”. They don´t quote prices.
It is an index based on a nominal 01/01/2000 sq m value of 1000. What it shows to me is that a property which would have sold then for 100k would now sell for 214k having peaked in 2007 at 251k. That year on year prices are down 13.5% and that the rate of drop is increasing, aparently quite rapidly.
I´ll give you that it is probably behind what is happening in the market and that the 15% drop from peak prices it currently shows is less than is actually happening on the ground. That said it shows the way things are heading and appears to be much more accurate than anything else available in Spain.
Honest estate agent? 😆 😆 😆
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Don’t shoot the messenger 😆
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Im not complaining about Tinsa, but this is a generally put out report and can be misleading. It states its the definitive tool for analysis of the housing market . Its source is its own valuations, no comparisons with other valuation companies and yes the peak drop is an awful lot more.
So what good is it actually?
I mainly find it irritating when dealing with owners who quote it and Kyero to me when I am explaining what they need to lop off their expectations!
Honest estate agent??? Now now Brian, you are suggesting that there is such a thing??!? 😆
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@katy wrote:
Don’t shoot the messenger 😆
Is it bad for the sellers (who “lost” 40% of the coo-coo land prices) or for buyers (who expect prices to become affordable)?
People must still doing well in Spain if they afford to pay 100k for apartments at 30% unemployment.
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@flosmichael wrote:
@katy wrote:
Don’t shoot the messenger 😆
Is it bad for the sellers (who “lost” 40% of the coo-coo land prices) or for buyers (who expect prices to become affordable)?
People must still doing well in Spain if they afford to pay 100k for apartments at 30% unemployment.
That article is laughable, prices are far below 100K. I’ve seen one new build one bed at 49K.
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