Believe it or not the last quarter saw a slight rise in Spanish Property Prices. The rise of 0.7% should be taken with a few million grains of salt as it is based on a low number of transactions and a high percentage of them were from foreign buyers while for true recovery to emerge the local market will need to make more purchases, but it is a sign that the bottom of the market has been reached in certain areas. They are however official government figures so do include all transactions registered by notaries.
This of course means that bargains will start to be snapped up all around the areas of the country where prices are rising. There are, of course, areas where prices are still too high and really there is no base because of oversupply, lack of quality or location issues. Don’t expect any change in this situation very soon.
At the Spanish Property Network we are in a privileged position to get a great overview of the market as a whole as our experts on the ground see things as they are really happening. What we are seeing in certain areas anecdotally backs up this theory though. The ultra low prices that can be found from desperate sellers, bank repossessions in good areas and people cashing out of property because of lack of work are starting to dry up. Bargains always start to disappear just before the base is reached.
Equally we are now seeing many, many sales at asking price or very close to asking price meaning that the days of coming to Spain and offering 50% below asking price are over (If they ever really existed).
However I am not saying that there are still not bargains to be had. Within this page we can find huge bargains in the best areas of Spain, prices not seen since the early 2000’s. It’s a great time to buy especially if this very tentative recovery in prices were to continue. And Spain remains a place with an excellent quality of life for those who have money to spend, being comparatively cheap, with great communications and of course the excellent Spanish climate.