Spanish property prices have reached their lowest

September 17, 2010

Spanish property prices dropped 1.1 per cent in August month-on-month, which means fantastic bargains for anyone hoping to buy a property on the Costa Blanca or Costa Calida (Murcia). According to figures from Idealista, average property prices now stand at around EUR 2,339 per sqm (GBP 1,941), down from EUR 2,365 (GBP 1,963) in July, reports A Place in the Sun magazine. The biggest drops were seen in Catalonia, where values dipped 2.4 per cent, Murcia and La Rioja. Idealista's report also highlighted where in Spain investors can pick up the cheapest properties, with Extremadura, Murcia and Castile-La Mancha being highlighted as the best places to pick up bargains, while the most expensive properties are found in the Basque Country, Madrid and Catalonia. Last month, Mark Stucklin, a real estate industry expert, told the New York Times that Spanish property has reached the lowest price of the recession, meaning people should act quickly if they want to grab a bargain.