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June 22, 2015

Sitges is the most expensive seaside town in Spain

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If you want to buy a nice house on the Spanish coast, you should note that the Catalan town of Sitges is the most expensive of Spain among the coastal towns included in the final report on the second quarter of this year by the consulting company Tinsa, published this week. A house in Sitges would be worth about 2,694 euro / m2. This town is followed by Calvia, Andratx and Alcudia, the three cities are situated on the Balearic Islands.

But if you are looking for a property to buy in Spain at low prices, pay attention to the coast of Castellon. The city of Almazora, with 804 euros per square meter, is the cheapest option, which can be found here.

The real estate market of the Mediterranean coast of Spain has been one of the sectors most affected by the economic crisis. And according to an analysis of the company Tins, the traces of this are still visible.

"The housing sector of vacation real estate has passed especially difficult period of the price adjustment. The crisis in the credit system also slowed sales of existing homes and apartments, new construction and land purchases in the last years. In many places it has accumulated a considerable amount of property, which is very difficult to sell when the housing market is in decline state and also the solvent buyer prefers to wait until the real estate market make an important price correction,"- says the report of the consulting company Tinsa.

This adjustment in property prices was recorded with varying intensity depending on the area and the region, but eight years later, no one denies that the Spanish property market has been undergone the significant changes. As an example, it is enough to mention that in Casares (Malaga) the average price (1,105 euro / m2 in the first quarter of 2015) decreased by 61.5% from the highs of 2007, and in the cities of Ayamonte (Huelva) , Mataro (Barcelona) or Canet d'en Berenguer (Valencia), this reduction is about 60% and 61%.

Meanwhile, the reduction in the number of transactions of sale of real estate when the new construction was at the peak of its activity, has led to the formation of so-called real estate stock, when there are many new built objects, which are ready for sale . In some regions of Spain, the process of sale of this stock is quite slow. Among those places that have hardly reduced the stock of existing homes in recent years, according to the report Tinsa, are Foz (Lugo), Caleta de Fuste (Fuerteventura), Costa del Garraf (Barcelona), Oropesa del Mar, Peñíscola, Alcossebre (Castellón), Cullera (south of Valencia), Esparto Pozo, El Calon and Villaricos (Almeria).

As for housing prices, at least in the 29 Spanish towns in the first four months of the year was recorded a decrease greater than 10% compared with the previous year. The coastal city of Pallafrugell, in the province of Girona, leads this list with the decline in property value by 16.9%. It is followed by the city of Barbate (-15.3%), Gandia and Ayamonte, with a fall of 14.6%, both compared to the first quarter of 2014.

However, not all are bad news. The experts of the company Tinsa also indicate in their report some signs of recovery in the Spanish property market due to the growth in external demand. For example, this is happening in the coastal areas of Marbella and Benahavis, Cadiz and Tarifa. And, in the Balearic Islands, Palma de Mallorca, Andratx, Calvia in Mallorca, and in general on the island of Ibiza.

In addition, in some cities in Spain the property prices have gone up. Although the real estate market is not uniform, this list is headed by Javea (Alicante) and Cartaya (Huelva), with an annual increase of 11.2% and 9.8%, respectively. Eight other locations in Spain, on the other hand, show an increase in prices between 5% and 9% (Chiclana, Puerto Lumbreras, Adeje, Punta Umbria, Arousa, Sentanyí, Soller and La Pobla de Farnals).


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