Property prices increase on the Costa del Sol
Many reports, of which there have been many in recent weeks, take property prices from all regions and provinces and give national figures to how the property market for Spain has performed. However this can be misleading when it comes to how property prices have actually performed at a local level such as on the Costa del Sol.
On the Costa del Sol, it is widely believed that property prices have stabilised and the lowest market prices were seen as far back as October 2013. A number of local reports have reported that by the end of 2014, property prices had risen, although modestly, in nearly all the coastal towns and resorts. It would appear that once again the Costa del Sol is at the forefront of the reviving property market in Spain.
Across Spain it is evident that there are sizeable disparities in which property markets have performed in the past twelve months. As a whole the report by Tinsa showed that property prices across Spain had fallen on average by 4.5%. When considering these statistics consideration has to be given to the regions in northern Spain. Regions such as Navarra and Asturias saw the largest price drops in 2014 compared to 2013 with 14.1% and 9.4% falls respectively. These figures are well above the national average and will engulf any modest price rises in other regions.
Prominent regions such as the Canary Islands saw overall price drops of 7% and regions such as Valencia, Murcia, and Castilla y Leon suffered drops in the average property prices over the national average.
However some regions saw property prices rise by 1.5% by the end of 2014 again compared to prices at the end of 2013. Malaga and Andalucia saw property prices rise by 1.15% and Marbella saw rises in excess of 4.5% according to the Tinsa report.
Prices in some regions will continue to fall due to those regions and areas do not have as big an impact on the property market and take longer for prices to adjust but still have an effect on the national average.
These statistics do not truly reflect the position of the property market on the Costa del Sol. The report does highlight how localised the property market can be in Spain. It is a fair assumption that the Costa del Sol property market can boast some of the most stable, attractive and affordable prices in Spain.
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