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%.
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.
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.