Spanish market offers bargain basement homes

LAST UPDATED: 8 Mar, 2014 @ 08:56
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Spanish market offers bargain basement homes

ALMOST one third of Spanish houses are on the market for less than €100,000.

The number of houses sold at that price or less over the past 12 months is even higher -around 64% – according to property site Globaliza.com.

The figure has surged from 2.9% before the onset of the economic crisis and ensuing collapse of the real estate market.

A staggering 68% of houses in Sevilla were sold for less than €100,000 in 2013.

The average property is a three room flat, 83 square meters in size, located in middle class areas of towns and cities.

These properties have lost around 48% of their market value over the past six years, and 7% of their 2007 values have been lost over the past 12 months.

The value of Housing in Malaga, meanwhile, has lost over half its value, 56%, since the property bubble burst. A total 16 percentage points of this decline has come in the past year.

A report by Technocasa found that factors affecting prices in Malaga are as simple as the availability of a lift in an apartment block; those with the facility are priced an average 12% higher than those without.

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