House Prices Down 4.2% in September

Posted by on Oct 27, 2014 in News

The various organisations’ statistics on housing values inSpain continues to confuse as, over the last week, the Sociedad de Tasación, Tecnocasa or Eurostat have talked about either a stagnation in housing prices or even increases. However, according to the appraisal company Tinsa’s latest IMIE Index, the average price of housing fell by 4.2% in September compared with the same month of 2013, bringing the decline accumulated since the maximum values reached in 2007 to 41.7%. The September decline is one tenth more moderate than that recorded in August (-4.3%) in line with the stabilisation initiated a year ago.

In September, the metropolitan areas (populations around large cities) was again the group in Tinsa’s statistical analysis which registered the best price performance, with a fall of just 0.8%. In contrast, the homes in the smaller towns included in the other municipalities group intensified their price decline, falling by 9.2% year-on-year.     House prices fell by 2.9% year-on-year in the Mediterranean coast in September, less than the 3.5% decline registered in the Balearic and Canary Islands, while the capitals and large cities registered a drop of 3.2% compared with a year earlier.

The Mediterranean coast remains the area with the greatest price adjustment since the maximum values reached, at 47.3%, followed by the capitals and large cities, which have registered a decline of 44.9% since the peak of the cycle, metropolitan areas (-44%) then other municipalities (-38.2%). The Balearic and Canary Islands, on the other hand, remain the areas where the prices of homes have fallen least since 2007, registering a decline of 32%.

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