Madrid Madness – Prices down 54%

We all know what bargains are out there in Spain, news just in regarding the capital Madrid – prices are don by 54% since the dizzy heights of 2008.

Residential property prices in the Spanish capital of Madrid have fallen by an average of 54% since the housing market crash, according to the latest report from Spanish property firm Tecnocasa.

Data provided by the estate agents shows that resale home prices in Madrid declined by an annualised 17.6% at the end of 2012, to €1,818sqm (£1,573), based on actual property transaction handled by the company.

The sharp fall in property prices last year shows that the Madrid property market has not yet bottomed out, with Tecnocasa anticipating further price falls.

“As is to be expected, prices and price changes varied considerably by city district, with the best areas suffering the smallest falls,” said one Spanish property commentator.

They also added: “Small, old properties in bad condition in buildings without a lift were also the hardest hit.”

// Group Uno