Property prices in Spain declined at the slowest rate in seven years during 2014, new figures show.
According to the latest property price figures released by leading Spanish property valuation firm Tinsa, the national average price of a Spanish property fell by just 3 per cent last year, compared to 9.2 per cent in 2013 and 11.3 per cent a year earlier.
In fact, the 3 per cent drop in property prices was the smallest devaluation recorded in the market since the housing slump began back in 2007.
What’s more, due to a combination of an improving national economy and health supply and demand conditions, Tinsa is predicting that the market should consolidate further this year, with prices finally starting to level out nationally, with many regions – especially those popular with overseas buyers – returning to positive growth.
Since the onset of the global financial crisis which caused the Spanish property market to go into meltdown in 2007, the national average price of a residential home in the country has fallen by 41.2 per cent. The price falls were particularly pronounced in the Mediterranean region of Spain, where prices had boomed in the pre-crash years, with the average value of a home there having plummeted by just under 50 per cent.
In recent months, overseas property buyers have been flocking to the country once more, buoyed by the low prices and strengthening economic conditions.