Tinsa Imie Index – September 2012

The cumulative decline increased by 5 tenths in September to 32.9%. Capitals and Major Cities recorded the highest fall compared to other areas.

The IMIE General Index recorded a year-on-year decline of 11.6% in September, similar to the previous month, pushing the index down to 1532 points. The cumulative decline in house prices since the top of the market in December 2007 was exactly 32.9%.

In terms of the performance of the different areas, “Capitals and Major Cities” recorded the steepest year-on-year decline with 13.5%.

The remaining areas all fell below the average with very similar year-on-year figures. The largest price falls were in “Other Municipalities” with 10.9%, followed by “Mediterranean Coast” with 10.8% year-on-year, “Metropolitan Areas”, with 10.4%, the same as the previous month, and lastly the “Balearic and Canary Islands” with a figure of 10%.

In terms of the cumulative declines by area since the top of the market, the fall in prices in the “Mediterranean Coast” reached 39.2% in September; followed by 36% for “Capitals and Major Cities”, 33.2% for “Metropolitan Areas”, 28.6% for the “Balearic and Canary Islands” and 28.5% for “Other Municipalities”, which comprises all those not included in other categories.

House prices continued to fall in August

Property prices continue to fall

According to new figures released by Tinsa, house prices continued to drop in August with an 11.6% decrease, compared to the same period last year.

The press release from Tinsa is below.

Prices along the Mediterranean Coast have now fallen by an average of 40% from their highest levels.

The Major Cities segment is experiencing greater downward pressure on prices.

The General IMIE index recorded a year-on-year decline of 11.6%, slightly higher than the fall recorded in July, ending the month at 1545 points. The cumulative decline in house prices since the market peak in December 2007 is 32.4%.

The breakdown by segment shows that the “Mediterranean Coast” recorded the highest year-onyear fall in August, of 14.7%, followed by “Capitals and Major Cities”, which saw a 13.4% decline in value compared with the same month the year before.

The fall experienced in the “Balearic and Canary Islands” was slightly below the average, at 11.5%. An even smaller decline was recorded by “Metropolitan Areas”, where the year-on-year fall stood at 10.4%, and lastly “Other Municipalities”, with a fall of 8.8%, even lower than the figure recorded in July.

With regards to the cumulative falls by segment since the top of the market, the “Mediterranean Coast” is once again the biggest faller, with a decline of 39.5%; followed by “Capitals and Major Cities” with 35.6%, “Metropolitan Areas” with 31.4%, the “Balearic and Canary Islands” with 30.2% and “Other Municipalities”, which refers to those not included in other categories, with 27.4%.

You can download the press release here: IMIE House Price Index – August 2012

Spanish property prices decline 11.2%

Property prices continue to fall

Figures released today by Tinsa show property prices in Spain are continuing to fall registering a decline of 11.2% since July 2011.

The IMIE General index registered a year-on-year decline of 11.2% in July, pushing the index down to 1577 points. The cumulative decline in house prices since the market peaked in December 2007 is 31%.

Comparing the regions, the “Balearic Islands and Canary Islands” showed the sharpest year-on-year decline in July, at 14%, closely followed by “Capitals and Large Cities”, which fell by 11.8% compared to the same month the previous year, and “Metropolitan Areas”, which again stood at 11.6%. The decline was greater than the market average in all three areas.

On this occasion, both the “Mediterranean Coast”, with a year-on-year decline of 11%, and lastly, “Other Municipalities” with a fall of 9.1%, were below average.

In terms of the cumulative decline in house prices by region since peak prices, there was a 37.2% fall in July for the “Mediterranean Coast”; followed by 33.5% for “Capitals and Major Cities”, 32.1% for “Metropolitan Areas”, 29.2% for the “Balearic and Canary Islands” and 25.9% for “Other Municipalities”, which comprises the remainder.

You can download the press release here: Tinsa IMIE Index – July 2012

House prices continue fall in Q2

The price fall continues unabated

House prices in Spain fell during the second quarter by 11.5% compared to the same period in the previous year, up from 9.2% in the previous quarter.

The report, from Tinsa, shows that the majority of the autonomous regions followed the downward trend with La Rioja recording the greatest fall of 22.6%, bringing the prices back to 2003 levels. Catalonia followed with an 18% decline, followed by Aragon (-16.3%), Valencia (-14%), Castilla-La Mancha (-13.8%) and Madrid (-13.8%).

Staying within a few points of the national average were Castilla y León (-11.8%), Andalusia (-11.6%), Navarra (-11.5%), Murcia (-10.8%), the Canary Islands (-10.6%) and the Balearic Islands (-10.5%). The areas least affected by the decline in prices include Extremadura (-10.1%), Galicia (-6.2%), Asturias (-5.2%), Ceuta (-4%), Cantabria (-3.6%) and Melilla (-3.3%).

On a provincial level a more pronounced decline was recorded with above average falls in Tarragona (19%), Toledo (-18.7%), Zaragoza (-18.6%), Almeria (18.1%) and Segovia (18%).

At the other end of the scale a few regions registered smaller declines, or none at all, including Basin (-0.1%) and Orense (0%). Lugo is the only province that, provisionally, shows a slight rise of 2.1%.

Looking at the cumulative decline in prices since the crisis first hit in 2007 the north-east corner of the country stands out with the largest falls recorded (in addition to La Rioja) in Catalonia (-39.3%), Aragon (-37.8%) and Valencia (-36.2%).

Included in this group, although located in the central zone, and with prices influenced by Madrid, is Castilla-La Mancha where the cumulative decline from 2007 now stands at 38.9%.

The cumulative decline now stands at over 40% in a number of provinces including Toledo (-43.1%), Guadalajara (-41.1%), Zaragoza (-40.4%), Tarragona (-40.2%) and Barcelona (-40%). Also on the verge of joining the over-40% group are Almeria (-39.2%), Malaga (-39.1%), Girona (-37.2%) and Valencia (-37.2%).

Conversely, the provinces that showed lower cumulative declines were those with lower population density and a slow second-home market, mainly in the north-west quadrant. Those provinces include Soria (-13.8%), Zamora (-10.2%), Orense (-6.5%) and Lugo (-5.7%).

You can download Tinsa’s complete report here (ES): Tinsa Market Report Q2 2012

June Imie Index 2012 – Tinsa

Sharp decline in prices in major cities

Tinsa have released their house price index report for June 2012.

The year-on-year decline in the IMIE General index slowed slightly in June to 10.8% after the index reached 1589 points. The cumulative decline in house prices since the top of the market in December 2007 reached 30.4%.

By region, “Capitals and Major Cities” recorded the sharpest year-on-year decline in June of 13.5%, closely followed by the municipalities of the “Mediterranean Coast”, which fell by 13.3% compared to the same month in 2011, and “Metropolitan Areas”, which fell by 11.6%. The decline was greater than the market average in all three areas.

Behind these were once again “Other Municipalities”, which fell year-on-year by 7.3%, and the “Balearic and Canary Islands”, which were ranked last with a decline of 6.8%.

In terms of the cumulative decline in house prices since the top of the market by region, the “Mediterranean Coast” recorded a fall in June of 38.3%; followed by “Capitals and Major Cities” with 33.8%, “Metropolitan Areas” with 31.9%, the “Balearic and Canary Islands” with 25.4% and “Other Municipalities”, which refers to those not included in the other categories, with 24.5%.

You can download the press release here: June Imie Press Release and the index from here: June Imie Index 2012

About the IMIE – Spanish Property Market Index
The IMIE Index, a pioneering initiative launched by Tinsa in 2008, is an index that reflects the valueof residential property in Spain. It is governed by market criteria in terms of its geographical segmentation. Based on these guidelines, Tinsa has subdivided Spain into five major categories that represent the segments of the residential property market: Capitals and Major Cities with a population of 50,000 or more, Metropolitan Areas, the Mediterranean Coast, the Balearic and Canary Islands and Other Municipalities.

The IMIE Index records the variation in the m2 value of a property, calculated using the information from more than 200,000 residential valuations carried out by Tinsa every year, based on the methodology similar to that used for calculating the CPI and other international monthly price indices.

About Tinsa
Tinsa is a leading multinational for property valuation, analysis and advice. Founded in 1985, the company has 32 regional offices in Spain as well as permanent offices in France, Portugal, Argentina, Chile, Mexico, Peru and Colombia, although it operates in more than 25 countries. Since November 2010 Tinsa has been owned by Advent International.

Tinsa’s range of services includes real estate analysis and valuation, consultancy, and valuation of other types of tangible and intangible assets, among others. For more information please visit http://www.tinsa.es.

House prices down in May

TINSA have released their IMIE Index figures for May showing a decline of 11.1% year-on-year.

“The year-on-year variation in house prices in May recorded a modest slowdown in the trend of recent months”

The General IMIE Index fell during May in year-on-year terms, with a decline of 11.1% and an Index level of 1595 points, after falling below the 1600 barrier. The cumulative decline in house prices from the peak of the market in December 2007 reached a low-point increasing by four tenths to 30.2%.

In terms of the different segments, the municipalities of the “Mediterranean Coast” once again recorded the sharpest year-on-year decline during May with a fall of 14.1%, closely followed by “Capitals and Major Cities” which fell by 13.3% and “Metropolitan Areas” by 11.8% compared to the same month the previous year. The decline was greater than the market average in all three areas.

Once again “Other Municipalities” were below the average with a year-on-year decline of 8.4%, followed by the “Balearic and Canary Islands” in last place with a fall of 6%.

In relation to the overall decline from the top of the market, the “Mediterranean Coast” recorded a fall of 37.9% to May; followed by “Capitals and Major Cities” with 32.9%, “Metropolitan Areas” with 31.2%, “Other Municipalities” with 25.9% and lastly “Balearic and Canary Islands” with 24.1%.

Read the full IMIE May Index 2012 at Tinsa.

House prices continue to fall in April

TINSA have released their IMIE index for April showing a decline in house prices of 12.5%. The cumulative decline since the peak in December 2007 increased to 29.8%.

Tinsa IMIE April 2011 v April 2012

In terms of the different segments, the municipalities of the Mediterranean Coast once again recorded the sharpest year-on-year decline during April with a fall of 14.3%, closely followed by Capitals and Major Cities which fell by 13.7% compared to the same month last year. In both cases the decline was higher than the market average.

Below the market average were the Balearic and Canary Islands which fell by 12.3% yearon-year, followed by Metropolitan Areas with 12%; while the lowest declines were recorded by Other Municipalities, defined as those not included in the other segments, which recorded a fall of 10.6%.

In terms of cumulative declines from the top of the market by segment, the Mediterranean Coast was down by a total of 37% in April; followed by Capitals and Major Cities with 32.8%, Metropolitan Areas with 30.7%, Balearic and Canary Islands with 26.9% and lastly Other Municipalities with 24.2%.

About the IMIE – Spanish Property Market Index

The IMIE Index, a pioneering initiative launched by Tinsa in 2008, consists of an index that reflects the value of residential property in Spain. It is governed by market criteria in terms of its geographical segmentation. Based on these guidelines, Tinsa has subdivided Spain into five major categories that represent the segments of the residential property market: Capitals and Major Cities with a population of 50,000 or more, Metropolitan Areas, the Mediterranean Coast, the Balearic and Canary Islands and Other Municipalities.

The IMIE Index records the variation in the m2 value of a property, calculated using the information from more than 200,000 residential valuations carried out by Tinsa every year, based on the methodology similar to that used for calculating the CPI and other international monthly price indices.

About Tinsa

Tinsa is a leading multinational for property valuation, analysis and advice. Founded in 1985, the company has 32 regional offices in Spain as well as permanent offices in France, Portugal, Argentina, Chile, Peru and Mexico, although it operates in more than 25 countries. Since November 2010 Tinsa has been owned by Advent International.

Tinsa’s range of services includes real estate analysis and valuation, consultancy, and valuation of other types of tangible and intangible assets, among others. For more information please visit www.tinsa.es.

House prices fell 11.5% in March

TINSA have released their house price index report for March 2012.

The General IMIE Index recorded the highest year-on-year decrease in the historical series during the month of March, with a drop of 11.5%, leaving the index at 1631 points. Since peaking in December 2007, house prices have seen a fall in value that now stands at a cumulative figure of exactly 28.6%.

With regard to the performance of the different market segments, “Capitals and Major Cities” once again recorded the steepest decline of 12.6% in March, followed on this occasion by the “Other Municipalities” with a fall of 12% compared with the same month last year. In both cases the reduction exceeded the market average. Below the market average were the municipalities of the “Mediterranean Coast” which saw a year-on-year decrease of 10.8%, followed by the “Balearic and Canary Islands” and the “Metropolitan Areas”, which both presented a drop of 9.8%.

Below the market average were the municipalities of the “Mediterranean Coast” which saw a year-on-year decrease of 10.8%, followed by the “Balearic and Canary Islands” and the “Metropolitan Areas”, which both presented a drop of 9.8%.

In relation to the overall decline since the market peaked, the “Mediterranean Coast ” showed a fall of 34.9% in March; followed by “Capitals and Major Cities” with 30.8%, “Metropolitan Areas” with 29.4%, the “Balearic and Canary Islands” with 25% and “Other Municipalities”, which refers to those not included in the other categories, with 24.9%.

You can download the full press release here: March 2012 Imie Index

House prices same as 2004

TINSA have released a new house price report for February 2012 showing property prices are continuing to fall.

The General IMIE Index, an indicator created by Tinsa to analyse the evolution of house prices in the Spanish market, increased its year-on-year decline in February, falling by 9.5% to 1664 points, returning to the levels of 2004. The cumulative decline from the top of the market in December 2007 increased to exactly 27.1%. The deterioration of the macroeconomic environment with significant job losses, together with an increase in the spread on mortgage rates, are offsetting the positive effect of reinstated tax breaks on house purchases.

	Index February 2011	Index February 2012	Year-on-Year Variation
General	1839	1664	-9,5%
Capitals and Major Cities	1931	1710	-11,5%
Metropolitan Areas	1804	1618	-10,3%
Mediterranean Coast	1885	1706	-9,5%
Balearic and Canary Islands	1567	1428	-8,8%
Other Municipalities	1820	1701	-6,5%

With regards to the performance of the different market segments, “Capitals and Major Cities” once again recorded the severest decline in February of 11.5%, followed by “Metropolitan Areas” with a fall of 10.3%, compared with the same month the year before. In both cases the decline was greater than the market average.

With a similar level to the General Index, the municipalities of the “Mediterranean Coast” segment declined by 9.5% year-on-year.

The “Balearic and Canary Islands” were below the average with a year-on-year fall of 8.8%, while “Other Municipalities”, which includes those not included in other segments, declined by 6.5%, completing the series.

In relation to the overall decline from the peak of the market, the “Mediterranean Coast ” showed a fall of 34.1% to February; followed by “Capitals and Major Cities” with 29.7%, “Metropolitan Areas” with 28.9%, the “Balearic and Canary Islands” with 24.7% and “Other Municipalities”, which refers to those not included in other categories, with 21.5%.

The TINSA report can be downloaded here: IMIE February 2012

New TINSA house price report

TINSA have released house price figures for January and they show another fall in prices, although more moderate than before.

The IMIE (Índice de Mercados Inmobiliarios Españoles) fell by 6.6% to 1714 points compared with 1719 points in December. The cumulative fall since 2007 is exactly 25%, meaning properties have lost a quarter of their value since the crisis began.

Looking at performance of different market segments, “Capitals and Major Cities” once again recorded the most pronounced decline with a fall of 8.7%, followed by the municipalities on the “Mediterranean Coast” with an 8.1% fall. The “Metropolitan Areas” followed with a decline of 6.5% compared to January 2011.

Since 2007, when the crisis first hit, prices have fallen sharply with the “Mediterranean Coast” recording an overall decline of 33.1%, over a third of its value. “Capitals and Major Cities” follow with an overall decline of 27.8%, followed by “Metropolitan Areas” with 26.3%, the “Balearic and Canary Islands” with 20.1% and “Other Municipalities”, which includes regions not included in the other categories, with 19.9%.

You can download TINSA’s report here: TINSA House Price Report – January 2012