Spanish property prices bottomed out – Tinsa index

Spanish Property Price Index by Tinsa

Spanish Property Price Index by Tinsa

Spanish property prices are still falling, but by less with every passing month, according to the house price index published monthly by Tinsa, one of Spain’s leading property valuation companies.

Average Spanish property prices fell by 4.6% over 12 months to the end of April, show the latest figures. On a monthly basis, prices even rose a fraction.

If the Tinsa figures are to be believed, the rate of decline has been slowing since June 2009, when it peaked at -10.1%.

At this rate, average property prices will be stable, or even growing slightly within about 6 months.

Prices fell by 5.2% on the Coast, and by 3.8% in The Canaries and The Balearics – areas that interest holiday home and expat buyers the most.

The following table gives the annualised % change for selected regions in April:


Peak to present

On a peak to present basis (since prices peaked in December 2007), prices are down 16.1% nationally, 21.5% on the Mediterranean coast, and 13% in the Canaries and the Balearics. According to Tinsa’s figures, prices have bottomed out and are beginning to recover.

As always, I need to point out that Tinsa’s figures are based on their own valuations, not actual transaction prices. If find their figures difficult to believe, based as they are on subjective valuations paid for by banks. Nevertheless, they are interesting in what they reveal about trends, and the valuations used by banks for mortgage lending purposes.

April prices
National: 1,916 €/m2
Mediterranean coast: 2,033 €/m2
Balearics & Canaries: 1,636 €/m2

Peak prices (December 2007)
National: 2,284 €/m2
Mediterranean coast: 2,590 €/m2
Balearics & Canaries: 1,881 €/m2



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