According to the official Spanish Estate Markets Index made by TINSA there was a fall of 9.7% compared with the same month in 2008, showing 0.7% more than the preceding month where they fell by 9%.
The value of home properties on the Mediterranean coast dropped 11.5% while the major towns showed a drop of 10.2% by the end of the first trimester. Below that 9.7% figure, the value of home properties in metropolitan areas fell 9.6%. Meanwhile in other towns the value fell by 8.9% while the drop was 8.3% in the Balearic and Canary Islands.
Focusing on the accumulated falls of each sub index peak, it is worth mentioning the Mediterranean coast with a fall of 16%, as well as metropolitan towns with a fall of 12.6% and large towns reaching 12.3%.
Some real estate British agencies announced discounts of up to 50% on the purchase of apartments and houses on the Spanish coast, in particular, assets located in Almeria, Murcia and Alicante. According to the company Northwest Invest, the apartments are seizures by the banks. Said real estate agent announces on its web that it has reached an agreement with a firm of lawyers to commercialize with exclusive right the apartments seized by a “big Spanish bank” in these zones. The discounts vary, based on each property, but some apartments can be acquired with a reduction of up to 50% on the price of appraisal. In fact the company even offers greater reductions (of up to 70%) if the properties are acquired by lots.