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Housing prices in Spain dropped to its lowest since 2008

Spanish’ holiday rental demand has risen up

Housing prices in Spain dropped to its lowest since 2008

Buying a house in Spain is now 31% cheaper than in 2008. Real estate prices crush has been across the board in all the country, especially in areas with higher prices: the Mediterranean coast, big cities and main metropolitan Spanish cities.

These are some of the figures raised by the latest Spanish Real Estate Market Index recently released by Tinsa, the largest appraisal firm in Spain.

Today, buying is cheaper and it still remains a secure investment in Spain. For instance, buying a home in the Balearic Islands or selling a property in Mallorca is still an interesting option. Both Mediterranean and Canary islands do withstand the pull and show a tighter price drop: 29.2% reduction in housing prices in the last four years, compared with 37.2% in Mediterranean coastal areas.

Today, the Balearic Islands represent a much more stable and secure market, with a value that has been able to withstand hard financial times since 2008.

With an average price above € 2,000 / m², buying and selling property in the Balearic Islands is still a quiet activity emerging in a market which is not going through the best of times.

Prices have fallen especially in the municipality of Calvià, where you can now buy a new home for 6.8% less of the initial price.

By Iris Gruenewald

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