Housing prices drop by 10% in June and accumulate a descent of 37,8% since 2007.

The average housing price registered an annual descent of 10,6% in June, very similar to the previous month (-10,4%), accumulating a descent of 37,8% since the maximum level reached in December 2007, before the crisis, as informed this Tuesday by Tasaciones Inmobiliarias (Tinsa).

Housing prices have therefore continued their moderation after the disappearance, on the 1st of January, of the tax benefits for the acquisition of a property.

The metropolitan areas have experienced the greatest cut in June, with an annual descent of 12,7%, followed by capitals and great cities and the rest of municipalities, which registered a descent of 11,5% in reference to June 2012.

The municipalities of the Mediterranean coast, as well as the Balearic and Canary Islands, have also reduced their prices, only below the national average, with annual descents of 7,5% and 3,7%, respectively, thus continuing with the stabilization  observed in the markets in the last few months.

The accumulated cut in prices since December 2007 reaches 42,9% in the Mediterranean Coast, 41,4% in capitals and great cities, 40,6% in metropolitan areas, 33,2% in other municipalities and 28,2% in the Balearic and Canary Islands, according to Tinsa´s figures.

Source: Expansión