Property Prices Up 2.7% in February

In February the average price of finished housing (new and used) in Spain, showed an increase of 2.7% to 1,346 points.

Data released by Tinsa shows the Spanish property market remains positive. Furthermore the increase for this period show a great year-on-year increase following the steep decline in the same period last year which took the index back to May 2003 levels, the lowest since the global financial meltdown.

The “Mediterranean Coast” and “Capitals and Major Cities” showed the biggest gains showing interannual variations of 6.1% and 4.6% respectively.

Despite the country as a whole showing a cumulative increase of 2.7% the country’s smaller towns (“other municipalities”) remain low, lower than the same period last year.

From the crisis of 2007, the average price adjustment now stands at 41%.

Not forgetting the decline of 2015 the areas included in the Mediterranean Coast showed the largest annual increase despite showing a slight decline of -0.1% during January and February, 2016.

The Balearic and Canary Islands registered an increase of 2.5% in February, when compared to the same period in the previous year, while “Metropolitan Areas” show an average increase of 1.5% over the last 12 months.

Despite the positive news and outlook prices are still a way off pre-crisis levels. The steepest declines are in the Mediterranean Coast (-48.1%), Metropolitan Areas (-44.7%) and Capitals and Large Cities (-44%). The cumulative adjustment is now below average in The Balearic and Canary Islands having recorded a fall of 30.7% since 2007, and also in Other Municipalities where prices have fallen 36.5%

Spain - House Prices Increase 2.7% Feb 2016

The Tinsa IMIE is calculated from housing appraisals and each month collects the change in the cost of a m2 of a building and compares it to 2001. The absolute numbers (points) correspond to the value of the index and are not relate to the price per square meter.

 

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House prices continued to fall in August

Property prices continue to fall
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

June Imie Index 2012 – Tinsa

Sharp decline in prices in major cities
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 - Imie Index May 2012

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 2012
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

House prices continue to fall

Prices fallSpanish property prices have continued to fall during the third quarter according to figures published by the country’s Ministry of Public Works.

According to the figures the average value of homes in Spain fell by 5.5% during Q3. A quarter-on-quarter fall of 1.3 % was also recorded.

Speaking to the Wall Street Journal, Nomura banking analyst Daragh Quinn predicted that the Spanish real estate sector was likely to fall further. He estimates up to 100,000 new homes will be sold in Spain this year, less than half of the 326,000 properties that were bought during 2007, a year that many refer to as “the boom year”.

However, according to Tinsa’s General IMIE Index, house prices throughout Spain fell by an average of 7.4% between September 2010 and September this year. The report also showed that capitals and major cities, along with coastal areas, have suffered most from the decline registering drops in values of 8.9% and 8.2% respectively.