Tinsa: House Prices Rose By Just 0.1% In April 2016

11 May 2016 – Expansión

House prices remained stable in April, increasing by just 0.1% with respect to the same month last year, according to Tinsa’s IMIE index.

“The average price of finished homes, both new and second-hand, continued to increase, but in a more moderate way, after registering YoY rises of 0.8% and 2.1% in March and February, respectively”, said the appraisal company.

However, the positive balance continued during the first four months of 2016, with an average increase of 1.9% between January and April. In addition, the index has recorded a cumulative decrease of 41% since the peaks of 2007 and has now returned to the level last seen in Summer 2003.

Metropolitan areas

Following YoY growth of 4.4% in the Mediterranean Coast, the next best YoY movement in April was reported in towns clustered close to metropolitan areas, which in April reported stable prices, in line with those recorded a year ago.

The capital and large cities showed a slight YoY decrease, of -0.2%, followed by the Balearic and Canary Islands, where prices fell by -0.4%. The group of other municipalities (small and medium towns not included in other areas) reported a decrease of -0.9%, although they have performed the best out of all of the groups during the year, with a cumulative increase of 3.8% between January and April.

The average price of homes across every area was higher in April than at the end of 2015. The following areas reported above-average price growth between January and April (for Spain as a whole, the average was 1.9%): other municipalities (+3.9%), the Balearic and Canary Islands (+2.9%) and the Mediterranean Coast (+2.7%). At a slower pace, growth in the metropolitan areas amounted to 1.1% during the first four months of the year and to 0.7% in the capitals and other major cities.

The average decrease in Spain since the peak of 2007 now amounts to 41.1%. The Balearic and Canary Islands (-30.6%) and other municipalities (-35.8%) recorded below-average cumulative decreases. The Mediterranean Coast continued to reduce the difference with respect to the peak of the cycle, with the average cumulative decrease there now amounting to -46.7%, followed by capitals and major cities (-45.1%) and metropolitan areas (-44.4%).

Original story: Expansión

Translation: Carmel Drake

Tinsa: House Prices Fall In May 2015 By 3.6% YoY

5 June 2015 – Expansión

According to Tinsa’s IMIE General and Large Markets Index, the average price of new and used housing decreased by 3.6% during the year to May 2015.

Specifically, the index stood at 1,322 points. Tinsa has explained that “the intense downwards variation experienced by the index from June 2014 onwards explains the significant inter-annual differences, even through average prices have remained relatively stable since November”.

Moreover, according to this index, the average house prices in Spain have accumulated a decrease of 42.7% since the peaks of 2007.

Prices by regions

The report also highlights that the average house price in Spain was 1.6% cheaper in May than at the end of 2014; a similar trend has been on the islands (the “Balearic and Canary Islands”), where the cumulative fall with respect to December 2014 amounts to 1.5%.

Towns on the “Mediterranean Coast” are the only ones that closed the first five months of the year with positive growth (+1.4%), although there, average prices in May 2015 were still 2.3% below those recorded in May 2014.

The “Capitals and large cities” recorded the worst performance of all of the areas analysed in May, with a 4.9% YoY decrease. In terms of the intensity of the decrease with respect to the same period last year, they are followed by the “Metropolitan Areas”, with a 3.8% drop and smaller towns, grouped together within the category “Other municipalities”, where average prices were 2.7% lower than in May 2014.

It is important to remember that Tinsa’s IMIE index is compiled using appraisal (values) for finished homes (new and used) prepared by the company. This means that it reflects prices assigned by the appraiser, on which market prices are based, versus other indices, such as the one prepared by the Registrars, which is based on the prices the feature in the deeds signed before Notaries.

Original story: Expansión

Translation: Carmel Drake