According to Premier Marbella news sources, Spanish property transactions fell by 12.6% in March from the same month in 2012, to a total of 22,086 transactions, the lowest figure since April last year, when property transactions just topped 21,500, as reported by the National Statistics Institute (INE).
The March decline in Spanish property transactions comes after three consecutive months of annual increases and may be a consequence of the end of the tax benefits for home ownership since last January.
Leading Marbella property specialist Romano Keogh commented that a report by the Spanish property index firm TINSA stated that the average price in the Spanish property market dropped by 11.5% in March 2012 compared with the same month in 2011.
The last TINSA report also highlights that property prices in the Mediterranean Coast have fallen by 34.9% since the “bubble burst”. The main cities experienced a fall of 12.6% in the last year, having a total average drop of 30.8% since 2007. Property prices have been falling since Q2/2008. According to TINSA, the average drop of prices in Spanish property in 2011 was: 4.1% (Q1), 6.8% (Q2), 7.4% (Q3) and 11.2% (Q4)
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