Housing prices only fell by 10% in 2012, according to the Ministry of Public Works.

Housing prices dropped by 10% in 2012, according to the official figures of the Ministry of Public Works. That is, according to the rating companies, which are the ones supplying the figures to the Government, through its trade association Atasa.

The average price per square meter of free homes reached 1531,2 Euros at the end of the year, with a quarterly variation of -2,2%.

The mentioned devaluation of 10% is lower than the ones registered by the public notaries (-12,7%), the National Statistics Institute (-15,2% in the third quarter) and the rating company Tinsa (-11,3%). The experts in the sector consider that the statistics provided by the Ministry are not very reliable to measure the real drop of the value of residential properties in Spain. In reality, analysts do not rely a 100% on the above mentioned figures.

According to the historic trend of the Ministry, prices accumulate a descent of 27,1% from their maximum level, reached during the first quarter of 2008. Housing prices dropped by 7,8%, while prices for second hand homes did so by 10,4%. State subsidized housing reduced its prices only by 1,1% (…)

Source: Expansión