Price of resale property falls in several Spanish regions

Resale property prices have fallen for the third consecutive month in thirteen Spanish regions including the province of Malaga. According to the average price per square metre has dropped 0.32% to 2,503€/m2. Although the drop is not great it shows the change in direction in the latter part of 2007. Prices continued to rise until July of this year on average in the whole of Spain. The price per square metre still remains 0.73% higher than it was at the beginning of the year. Many comentators see the recent small drops as a correction to the actual state of the market as opposed to a crash or crisis.

In the province of Malaga, covering the Costa del Sol, the average price per square metre now stands at 2,571€/m2 (29.10.07), according to the survey which analysed 7,901 homes in the province. The year's high-point was 2,673€/m2 (01.07.07). Overall the price remains 1.18% higher than the beginning of the year.


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