Holiday home insurance & Second home insurance

Spanish property prices being cut

Holiday home insurance customers looking for a Spanish property can take advantage of falling prices.

A surge in the number of properties being listed for sale in Spain has led to a reduction in prices, new research has found.

According to the A Place in the Sun website, average house prices in the country have been falling every month since the start of the year.

And research from Idealista.com has revealed that Madrid and Barcelona have experienced the biggest reduction in prices, falling 9.3 per cent in the capital and 7.4 per cent in Barcelona.

Sellers are eager to encourage more buyers from abroad and the average value across Spain has fallen by eight per cent since the 2009.

British homeowners with rental property in Spain have been invited to submit capital gains tax (CGT) refunds as the Spanish government previously illegally charged non-native proprietors higher CGT rates than Spaniards.

An insiders' guide on the Guardian website advised property hunters in Spain to look to the north of the country.

Posted by Jill Baker
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