Spain Property News

House Prices on the Coast Rose by 1.4% to May

House Prices on the Coast Rose by 1.4% to May
According to the latest Tinsa IMIE General and Large Markets Index, the average price of housing in Spain in May, was 1.6% cheaper than at the end of 2014, similar to the accumulated decline recorded in the Balearic and Canary Islands with respect to December 2014, which stood at 1.5%. In contrast, the towns of the Mediterranean Coast are the only one of the areas analysed by the appraisal company who closed the first five months of this year with positive figures (+1.4%), although the average price is still 2.3% below that registered in May 2014.

Capitals and Large Cities registered the worst figures in May among the areas analysed, with a year-on-year decline of 4.9%. The Metropolitan Areas registered a decline of 3.8% over the same period of the previous year, and in the smaller towns, grouped in the Other Municipalities category, the average price fell by 2.7% compared with May 2014.

Thus, according to Tinsa’s data, the average price of housing in Spain has accumulated a decline of 42.1% since the maximum values reached in 2007. The Mediterranean Coast is the area where prices have dropped most in the past eight years, registering an accumulated decline of 48.8%, followed by the Capitals and Large Cities and the Metropolitan Areas, with accumulated adjustments reaching 46.5% and 44.8%, respectively.

In contrast, El Mundo reported that the most moderate accumulated declines have been registered in the Balearic and Canary Islands, dropping by 32.1%, and in the Other Municipalities (-35.6%).