5 August 2015 – Expansión
According to Tinsa, house prices in July have recorded a cumulative decrease of 41% since 2007.
The decline in house prices moderated to 2% in July, the smallest YoY decrease since May 2008, but recorded a cumulative decrease of 41.5% from the peak figures registered during the last quarter of 2007, according to the Local Markets Index (IMIE) published by Tinsa yesterday.
This data from the appraisal company shows that the residential market is continuing to stabilise, a process that began during the second half of 2013.
The best figures were recorded on the Mediterranean Coast, where the average price increased by 2.8%.
Overall, the residential market showed signs of recovery in almost all areas, with a slight fall of just 0.5% between the end of 2014 and July 2015. Moreover, in three of the five areas analysed, the evolution in prices was positive during the first seven months of the year.
On the Mediterranean Coast, where prices decreased by 47.6% on average during the crisis, prices have increased by 3.8% on average since the end of 2014.
Meanwhile, in the provincial capitals and major cities, as well as in the Balearic and Canary Islands, prices have increased by several tenths so far in 2015: by 0.2% and 0.9%, respectively.
However, with the exception of the Mediterranean Coast, prices have decreased over the last twelve months in the majority of regions.
Average prices in provincial capitals and major cities and in other municipalities in July were 1.8% below their levels in July 2014, on average.
The decrease was more acute in metropolitan areas, which recorded a YoY drop of 4%, and in the Balearic and Canary Islands, where prices decreased by 4.8% compared with a year earlier.
Since 2007, house prices have recorded a cumulative decrease of 41.5% on average in Spain.
The greatest decreases have been registered on the Mediterranean Coast, with a 47.6% decrease, followed by the metropolitan areas and provincial capitals and major cities, which all recorded cumulative declines of 45.1%.
By contrast, the smallest cumulative decreases have been recorded in the Balearic and Canary Islands, with a decline of 30.5% and in other municipalities, where prices have fallen by 36.4%, on average.
Original story: Expansión
Translation: Carmel Drake