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Tuesday, 16 October 2007 |
Costa de la Luz property in good shape
Average property prices in Spain increased by 1.4 per cent last month, according to figures recently published. Despite reports of price falls in some Spanish cities and concern in some quarters the market may be in trouble, the country as a whole saw average prices increase during September.
The average price for a property across the country increased to €248,000 (£172,640) in October. However, the present levels are a mere 0.7 per cent higher than October 2005.
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"The Spanish property market has had a tough 12 months but we are now seeing prices stabilising and approaching last year’s levels," commented Martin Dell, managing director of Kyero, a large national Estate Agency
"Although buyers are still concerned about the possibility of a price crash, our data indicates that the market bottomed-out out during late 2006 and early 2007 and we expect prices to remain stable or rise in line with inflation."
In the last month the province of Girona, in the north-east of the country, has seen the biggest average increases, with prices up some 7.2 per cent. The average price in the region went up from €425,000 to €455,750 over the last month.
In the longer term, the province of Huelva, in Andalucia, has seen price increases of 41.9 per cent in the last 12 months – the fastest growth in the country. However, while mainland Spain saw prices increase by a modest 2.6 per cent over September, there were falls elsewhere.
Gran Canaria saw prices fall 2.6 per cent last month, while Mallorca had seen falls of 16.7 per cent in the last year while Lanzarote has seen prices fall 33.1 per cent since 2005.
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