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Murcia Property News

Has the Property Market Hit Rock Bottom?

Has the Spanish property market hit rock bottom?

The data for this is conflicting showing that the market is probably its lowest point since the crash of 2008 and will start to pick up again once the excess bank stock has been sold.

TINSA INDEX DOWN 3.6 PER CENT

(TINSA is the National Mortgage Valuation Company)

The Tinsa Index for May 2015; based on the companys own valuations; showed house prices falling significantly more than the Governments data suggests.

Average national house prices were down 3.6% over 12 months to the end of May, with the greatest drop in provincial capitals and large cities, down 4.9%. House prices on the Mediterranean coast were down 2.3%, and 2.1% in the Balearics and Canaries.

Year to date, house prices on the coast are up 1.4% on the same period last year, but down 48.8% since the peak, the biggest cumulative fall of all areas. The national average peak-to-present fall is 42.1%, according to Tinsa.

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International buyers for Spanish Property Market

Thanks to Kyero for this latest information:

Foreign demand for homes accounted for 12.22% of the total transactions registered in the first quarter of 2015.
 
Year-on-year the number of home purchases by foreigners in the first quarter increased by 8.95%, with British buyers in the lead with 17.7% of the transactions, followed by the French (10.19%), Germans (7.70%), Belgians (7.44%), Swedish (5.48%) and Russians (5.03%)

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