Tinsa: The price of homes drops by 10,4% in May and 37,4% since 2007.
The price of homes dropped by 10,4% in May, mainly in the capitals and big cities, according to the Index of Spanish Real Estate Markets, published today by Tinsa. The sector has been suffering a price adjustment for five years and the accumulated fall since the maximum level registered in December 2007 reaches 37,
As for the behavior by areas, the capital and greater cities suffered the biggest cut with an annual drop of 13,3%, followed by the metropolitan areas, with 13,2% and the towns at the Mediterranean coast, that suffered a descent of 8,5%.
The most moderate descents took place in the rest of municipalities not included in other divisions with a 7,2% followed by the Balearic and Canary Islands, that showed an annual descent of 5%, a tendency that shows the stability of prices in those markets. Starting from the highest value registered before the crisis, the greatest cuts took place in the Mediterranean coast in May, with an adjustment of 43,2%; followed by the capitals and great cities with 41,9%, the metropolitan areas with 40,3%, the rest of municipalities with 31,2% and the Balearic and Canary Islands with 27,9%.