spanish property prices falling slower as buyers return slowly
News Posted On: 10 September 2009
The rate of decline in Spanish property prices slowed massively in the second quarter, according to the Knight Frank index of global house prices.
The decline has been accelerating from -1.5% in Q3 last year, to -2.4% in Q4, and to -3% in the first quarter of this year, before slowing right back down to -1.9% in Q2. The annual decline in Spanish property prices in the year ending Q2 is -8.3%, putting it on position 23 in the league table of countries.
The decline in prices, and the fact that it is slowing is compelling people to act now in buying a property in Spain, for fear that they miss the bottom of the market. But analysts have said that people are still out to take advantage of a down market.
"People know that the Spanish property market is still in the doldrums, and that sales are few and far between. They are using that to try and get as much for their money as the possibly can. Squeezing agents and developers for extra discounts, free furniture packs, even free rental management," said Les Calvert of Property Abroad.com.
It has recently been announced that one of the Spanish market's biggest (developers) players is to tour the UK offering special deals with discounts of up to 41% off Taylor Woodrow developments in Spain. It is a tour that could be a lot more successfully than its organisers had forecast.
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