Prices down and demand up in Spain

The cost of property in Spain has declined but the desire to buy property in the country has risen, new data suggests.

Recent figures from real estate agents Look & Find, which has offices across the country, showed that since the start of 2008, prices have fallen by 30 per cent, reports Spanish Property Insight.

In the 12 months leading up to January 2009, prices dropped by 25 per cent on average.

This coupled with the five per cent decline this year takes the cost of property in the Iberian nation down to the levels seen during 2004, Look & Find noted.

However, as prices have fallen, the demand for property in Spain has risen.

A spokesperson for the real estate firm told the Spanish press: "Demand that has been contained for more than a year and a half is now starting to grow again."

Major metropolitan areas, such as Seville, Barcelona and Madrid were identified as areas of particular interest to buyers.

It is at these destinations "where prices per square metre had reached the highest levels and where housing affordability was the most difficult", the company claimed.This comes after Titan Properties asserted that there has been a 20 per cent decline in property prices along the western Costa de la Luz, reports Fly-2let.com.

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