Property prices in Canaries already down 30% from 2007, with further falls by end 2010

Property prices in Canaries already down 30% from 2007, with further falls by end 2010

José Saavedra, of the Asociación Empresarial Canaria de Gestores Inmobiliarios (Acegi), the Canarian Estate Agents’ Association, says that property prices in the Canaries have already fallen up to 30% from their 2007 peak, and that they are expected to fall still further throughout the course of 2010, reaching a 50% drop from 2007 in some cases.

Sr Saavedra said that the “only fallen 2% or so” story was a myth, and reflected asking prices, particularly of new builds. He said that constructors might continue to try selling at outdated prices all they liked, but not only would their properties not sell, their prices reflected nothing other than asking prices. Real prices, he said, was what people actually paid for their properties, and for that, you needed to know notarized values, not builders sales lists.

Sr Saavedra’s comments come in the wake of details released by the Spanish Valuation Society, which suggested property prices in the Canaries had only fallen by 2.8%. El Dia, El Pais.

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