Spanish property prices decline 11.2%

Property prices continue to fall
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