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Page of 7 The kyero price report is updated and published each month to evaluate the advertised prices of 50,000 Spanish properties for sale with a total value of 20 billion Euros. The report is categorised by number of bedrooms and Spanish province. On page 2 you will find a summary of every province and property size and on subsequent pages, you can view the same information again but broken down by number of bedrooms. Each page is identical in format and gives you the following information - the number of properties evaluated to create the average price - the average price of each type of property - the percentage difference in price compared to the national average Kyero.com is a property advertising portal with 50,000 properties from 350 estate agents throughout Spain. Only 40,000 properties are actually used to calculate the average prices because a weeding out process automatically removes: - Properties where the freehold is not for sale: this excludes short and long term lets, leasehold properties and fractional ownership properties - Properties that typically have no bedrooms or where the number of bedrooms entered is unreliable: two examples are caves and ruins The report can help you in three ways. Understanding the price differential between properties within the same province: A two-bed property in Malaga costs 29K while a three-bed requires an extra 35K 2. Comparing prices between similar locations: The price of a one-bed property only varies by % between the Balearics and the Canaries. 3. Establishing a baseline figure to help when assessing the value of any particular property: If the average price of a two-bed property in is 72K, why is THIS property 50K? Statistics are only useful when you know their potential weaknesses and these are the key ones for this set of data: Prices are as advertised : actual sales prices will almost certainly differ. The two, most popular provinces of Malaga and (Costa del Sol and Costa Blanca), have a significant effect on national average prices because, between them, they represent 68% of the properties evaluated. Small numbers of properties in some provinces means that the prices are less likely to represent the actual average. We would be delighted to hear your comments or suggestions about how this report can be improved, please don't hesitate to contact us. Feel free to reprint or quote any of these statistics, as long as the entire copyright line below is preserved and legible. Website: www.kyero.com Email: info@kyero.com Telephone: +34 958 88 429

Page 2 of 7 Summary of all provinces and all property types Avila Barcelona Cadiz Girona Guadalajara Islas Baleares Madrid Malaga Pontevedra Santa Cruz De Tenerife Segovia Teruel Zaragoza # properties avg. price 26 273,09-24% 6,324 30,784-3% 2,606 99,382-44% 47 47,527-59% 8,000-67% 2 28,97-64% 30 68,096 72% 3 25,800-30% 889 543,34 5% 79 89,243-47% 570 60,522-55% 239 458,332 28%,875 222,56-38% 5 246,800-3% 53 248,232-3%,3 628,077 75% 75 23,98-65% 77 338,32-6% 2 270,000-25% 20,322 423,72 8%,466 232,69-35% 2 200,20-44% 695 289,660-9% 250,000-30% 453 35,427-62% 433 238,624-33% 35,000-62%,80 206,586-42% 495,000 38% 39,49 358,76

Page 3 of 7 -bed properties 286 34,008-5% 97 25,323-2% 74,290 0% Barcelona 60,000-62% Cadiz 30 20,202 33% 8 44,579-8% 8 0,850-30% Girona 6 49,50-6% 79 35,63-4% 4 30,750-7% Islas Baleares 70 55,462-2% 2 6,675-6% 25 30,994-7% Malaga,305 73,62 0% 67 42,639-0% Santa Cruz De Tenerife 98 57,332 0% 20 82,589-48% 25 33,082-6% 4 4,462-28% 2,373 57,994

Page 4 of 7 2-bed properties 7 47,557-42%,952 98,604-2% 907 67,855-34% 6 3,455-55% Avila 8,000-53% Barcelona 5 470,442 86% 75,000-3% Cadiz 2 32,338 24% 55 55,262-39% 63 20,4-52% Girona 48 269,939 7% 403 73,03-32% 2 20,063-20% Islas Baleares 25 336,373 33% 7 8,240-68% 58 242,050-4% Madrid 75,000-3% Malaga 7,443 290,875 5% 558 78,906-29% Santa Cruz De Tenerife 258 238,260-6% 83 99,345-6% 86 78,297-29% 233 54,838-39% 2,649 252,7

Page 5 of 7 3-bed properties 90,600-45% 2,729 324,597-7%,00 28,552-37% 29 30,22-63% 8 90,58-74% Barcelona 2 52,952 47% 5,000-67% Cadiz 37 357,938 3% 87 92,43-45% 23 39,566-60% Girona 90 386,403 % 80 220,972-37% Guadalajara 2 262,500-25% 23 23,790-39% Islas Baleares 459 549,973 58% 39 8,37-66% 66 46,074 9% Malaga 7,398 48,528 20% 562 240,842-3% Pontevedra 30,240 -% Santa Cruz De Tenerife 7 396,062 4% Segovia 250,000-28% 204 32,762-62% 94 244,057-30% Teruel 35,000-6% 796 95,258-44% 5,288 348,696

Page 6 of 7 4-bed properties 4 539,750 0% 980 448,444-8% 328 250,796-49% 7 95,840-60% 3 23,000-53% Barcelona 0 72,526 45% 465,400-5% Cadiz 90 680,2 39% 23 244,27-50% 86 84,565-62% Girona 72 66,369 26% 408 253,390-48% Guadalajara 3 236,333-52% 2 379,780-22% Islas Baleares 223 79,357 62% 8 57,93-68% 25 442,769-0% Madrid 365,000-25% Malaga 3,07 626,33 28% 204 304,04-38% Pontevedra 90,000-82% Santa Cruz De Tenerife 52 583,46 9% 2 68,824-66% 99 279,863-43% 555 226,94-54% Zaragoza 495,000 % 6,535 489,928

Page 7 of 7 5-bed properties 4 452,500-2% 368 52,755-9% 72 226,627-60% 4 233,588-59% 30,000-77% Barcelona 2,425,000 49% Cadiz 48,069,737 87% 6 303,692-47% 82 200,893-65% Girona 22 647,025 3% 84 307,23-46% 2 373,000-35% Islas Baleares 84 922,34 6% 9 27,752-78% 3,346,333 35% Malaga 956 770,792 35% 74 420,053-27% Santa Cruz De Tenerife 6 664,04 6% 34 60,576-72% 29 33,389-42% 76 283,599-5% 2,276 572,962