Drop in house prices in Spain slowed down in 2015

EVEN though the price of ‘second hand’ homes has fallen drama-tically in many parts of Spain since the financial crisis began, the property portal fotocasa.es released a report on January 28 based on its own findings. 

The report showed the drop in 2015 was just 0.8 of 1 per cent, which was the lowest for many years.

Prices in many areas have risen and it appears that the market may finally have seen stability, especially as mortgages are still attainable at reasonable rates.

The five most buoyant areas in 2015 were the Balearic Islands (+3.3 per cent), La Rioja (+2.4 per cent), Madrid (+1.4 per cent), Andalucia and Galicia (both +0.7 per cent).

Even the Bank of Spain seems to be upbeat in its review of the market, as it has indicated in latest figures that mortgage costs have fallen. 

The ministry of development has reported that requests for certificates to allow for the building of new properties have increased by an amazing 35 per cent.

Provided that the world economy does not take fright at the economic problems in China and stagger back into a decline, it is to be hoped that the trend in property prices in Spain will continue to move in a positive direction.