House Prices Fell By 41.8% Since 2007, According To Tinsa

4 September 2015 – El Economista

The price of new and used homes fell by nearly 1% in August, the smallest annual drop since May 2008, but compared to the highs of the last quarter of 2007, it means a total decrease of 41.8%, according to the Local Market Index (Índice de Mercados Locales, Imie) published by Tinsa. At the same time, the National Statistics Institute (INE) reported today that foreclosures declined by 12.5% in the second quarter.

With this data, the company assures that the adjustment of housing prices “is about to touch down” after the stabilization process initiated in the second half of 2013.

Balearic and Canary Islands, as well as big cities, recorded the best year performance in August, with a rise in prices of 3.8% and 0.5%, respectively.

In other areas prices decreased compared to August 2014, with a drop of 1.3% in the Mediterranean coast, and of 2.1% in small towns.

Price adjustment in Spain since August 2007 reached 41.8% on average this August. The most significant declines occurred in the Mediterranean coast, with a fall of 49.1%; metropolitan areas, whose prices fell by 45.7%; and big towns and cities, with a drop of 44.9%.

Original story: El Economista

Translation: Lee La