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Property Pulse
 In last week’s Spanish property news, house price changes contributed to a clean sweep of property news headlines.

 The overriding theme was one of rapidly slowing decreases in house values, with asking prices for used housing falling by the lowest amount for over 3 years and some provinces now reporting that prices have dropped by over 50 percent since 2007/8.

 Apparently smaller properties, of less than 100m2, have dropped the most in priceduring this time but were also the most expensive per square metre before prices began to decline.

 Official sources report that prices fell by 3.8 percent in the first quarter of the year and with signs of an improving economy and better unemployment figures, analysts believe that prices will have fully adjusted at the end of the year.

 Other than house prices, another article last week provided a review of the current situation for foreign buyers in Spain. Much of the data has been reported at different times over the past few months but the analysis gives a useful summary of current trends.

 Confirming their strengthening position, foreign buyers grew from just 4% of the total real estate market in 2009, to up to nearly 13 percent at the end of last year.

 Much of the report data relates to where buyers originate from and which areas are the most popular. A key difference now being the greater amount of buyer diversity, with much stronger sales from Scandinavia, Russia and China.

 Notably, British buyers have seen their dominance in the market decline, from making more than 1 in 3 of all purchases by foreigners, down to less than half that rate last year.

 One statistic that hasn’t changed is the areas where foreigners are buying property, other than high value real estate in Madrid, the coastal areas still attract the vast majority of sales.

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