House prices continued to fall in 2011

Tinsa House Price ReportValuation and consultancy agency Tinsa has released it’s report into house prices in Spain for December 2011 showing a fall in the average price of housing of 8.1% over the year.

The year began with a five per cent decline in January dropping slightly to 3.7% by March but this has steadily increased throughout the year with a drop of 4.4% in April, 5.9% in May, 6.6% in June, 6.4% in July, 6.8% in August, 7.4% in September and 6.9% in October.

In the capitals and major cities house prices remained at record lows in December with a drop in the price of the average apartment of 9.1%, compared to the same time in the previous year. Meanwhile, the Mediterranean coastal areas saw a decline in prices of 7.2% while other areas dropped 8.4%.

Including the drop in December the cumulative drop since the peak of 2007 now stands at 31.5% for the Mediterranean coastal areas and 26.4% for the capitals and major cities.

You can download Tinsa’s report here.