The latest index prepared by Tinsa, Spains’s largest valuation company, estimates that in September 2013 the average property price continued getting cheaper at a rate of 9.2%. Thus, since reaching their peak values, houses in Spain have suffered an adjustment of 39.1% overall. However, as we have stated in previous posts, the reality is very varied if data are analysed per region and/or per market segment, and Mallorca and Ibiza’s high-end properties continue to behave significantly better than average, proving to be somewhat immune to the general Spanish market.
The rather good First Mallorca September 2012 market report. For this and other past reports please see www.firstmallorca.com
Briefly, their September 2012 report suggests Mallorcan Real Estate is a safe haven for investors. It discusses the good weather on the island and easy access from Europe.
It suggests the Spanish, then Germans, closely followed by the Brits, are the main property owners in Mallorca, with the Germans and the Brits being the principal purchasers.
Interestingly, negotiation margins are at a whopping 11.54%, implying offer prices are high and purchasers should not be afraid to put in a low offer…
Balearic House Prices Second quarter 2012
According to the National institute of Statistics, house prices have fallen in the Balearics by 15% compared to the same period (second quarter) of 2011. This is based on the House Price Index published on 13th September 2012.
By type of property, new construction has fallen by 15% and second hand properties by 14.1%
The housing ministry has the number of transaction down by 17.59% on the same quarter last year.
According to Tinsa, the Spanish Valuation Company, in the Balearic Islands house prices dropped 6.8% year-on-year to June 2012.
Spanish House Prices second quarter 2012
The nation-wide fall in house prices compared to the same quarter last year is 14.4%.
This is the highest fall since 2007. It is also the 17th consecutive quarter showing a fall.
The number of transactions has fallen from 90,756 to 80,235 with a variation of 11.59%