House Prices Down 4.2% in September
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%.