14/11/2014 – El Economista
As per the latest update by appraiser Tinsa, average house pricing in Spain weakened 4.2% in October in comparison with the same month 2013. From the 2007 peaks, the slump accumulates a 41.4% depreciation.
Specifically, home prices have been showing an around 4% year-on-year falls over the last months, less than half of what they pictured a year earlier (down 8.5%).
According to Tinsa, general ratio reduced only by 3.4% from January to October 2014, while the same time period in 2013 resulted in an 8.4% drop-off.
Down 2.2% in Main Cities
The October pricing levels in capital and other large cities of Spain have tipped the balance 2.2% downwards on year-on-year basis. All the five areas scrutinized in the study showed positive changes over time.
Furthermore, metropolitan areas (towns surrounding big cities) suffered a 3.4% y-o-y decrease in the tenth month, and in the Mediterranean coast zones houses cheapened by 4.5%.
They did most acutely in the Balearic Islands and the Canaries regions where the year-on-year rate showed a 5% depreciation. The remaining group, called ‘the rest of the municipalities’, saw prices dipping down 7.1% over October 2013.
On the other hand, the Mediterranean coast displays the deepest slump in prices since the 2007 cap, namely 48.6%. Similarly, capital and main cities post a 44.8% decline, and the metropolitan zones 44.1%.
Below-40% scores are found only in the rest of the municipalities (down 36.5%) and the Balearic and the Canary Islands (down 32.1%).
Original article: El Economista
Translation: AURA REE