Spanish property price monitors, Kyero.com, have attempted to establish how house prices along the Costas have been affected by the economic downturn.
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By defining each costa as the strip of land within 5km of the sea, and overlaying their historical house price data, they compared asking prices in the first quarter and final quarters of 2008. While Martin Dell of Kyero allows that asking prices are unlikely to be achieved across the peninsular in this climate, it gives an indication of where buyers are more willing – or desperate – to be realistic about prices.
The Costa Azahar in Castellon and the Costa de la Luz (where the windsurfing town of Tarifa is situated) have seen the biggest drop in prices: a fall of 11% over the course of the year. Vendors are being more stubborn about asking prices along the Costa Blanca and Costa del Sol.
Price drops per Costa from Q1 to Q8 2008
Costa Azahar -11%
Costa de la Luz -11%
Costa Calida -8%
Costa Valencia -7%
Costas Garraf / Maresme -6%
Costa Dorada -4%
Costa Almeria -3%
Costa Tropical -2%
Costa Verde -2%
Costa Blanca +2%
Costa del Sol +5%
‘Comparing absolute prices, the neighbouring costas of Almeria and Murcia offer the lowest price property on the Spanish coast at an average of € 195,000 and € 199,000 respectively,’ says Mr Dell. ‘At the other end of the scale, Barcelona’s twin coasts of Maresme and Garraf, weigh in with an average property price of € 548,000. No doubt this premium reflects the fact that Barcelona city, totem of Spain’s economic power, is situated right on the coast.’