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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Research Reveals Sustained Growth in Dominican Republic Property

The Dominican Republic is one of the few countries where prices have continued to grow despite the global financial situation, according to specialist overseas property portal Property Abroad. Liam Bailey, their chief market analyst said:

"In July this year, the Dominican Republic was found to be the most affordable place in the Caribbean to buy property. But even before that the Dominican Republic's popularity with overseas investors and property buyers was exploding. An array of new developments and properties began to spring up at bargain prices, and with astonishingly high mid-long term rental guarantees, as Dominican Republic tourism grew by 5.6% in the first four months of 2008 when compared to the year before. It continued to grow strongly, and has been relatively unaffected by the global situation."

"Because of this growing tourism, and the abundance of bargain properties all making astonishing rental yields the prices of off-plan Dominican Republic property have grown by between 25% and 100% in the past year," continued Bailey, adding: "This is according to my own research; comparing the prices I have on record for properties that were priced from 1 year ago, and the price of the same or similar properties in the same areas now."
According to the same research the immediate growth promised on off-plan properties is also being achieved;

"One example is a 2 bedroom apartment in Sosua, bought off-plan at the beginning of the year for just under £25,000 and now in the final stages of selling just after completion at £50,000, thus the 25% minimum immediate gain on completion is being achieved. The seller requires a quick-sale due to ill-health; more might be possible if they were prepared to wait."

Property Abroad have many excellent properties in the Dominican Republic throughout all the most popular regions. Find out more by visiting the site.

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