Spanish property prices fell 1.7 per cent in April compared to the same time last year, according the IMIE house price index published by Tinsa, a valuations company.
Tinsa point this is the lowest year-on-year decrease since April 2008. Since its peak in 2007, property prices have fallen by an average of 41.2 per cent.
In April, “Capitals and Large Cities” and municipalities located on the “Mediterranean Coast” registered the best figures in year-on-year terms among the five areas studied. Prices in coastal municipalities were unchanged, whilst they were almost stable – down just 0.4 per cent – in provincial capitals and large cities.
Tinsa IMIE Local Markets data for Q1 2015 already indicated a price rise trend in four provincial capitals: Burgos, Palma de Mallorca, Barcelona and Malaga (home to the Costa del Sol property market). In Madrid, prices remained stable (down 0.6 per cent) in the first quarter.
The islands (the Balearics and Canaries) registered a year-on-year drop of 1.2 per cent in April, although the positive start to the year (up 1 per cent between December and April 2015) suggests that prices are recovering.
The biggest adjustments over the last 12 months can be found in “Metropolitan Areas” with a decrease of 2.9 per cent compared to the previous year and in the smallest municipalities (“Other Municipalities”) where the Index in April remained 3.7 per cent below the same month in 2014.
House prices in the largest cities have gone up in price by 0.6 per cent since the end of last year. On the Mediterranean coast, this increase is 1.3 per cent and in the Balearics and Canaries, 1 per cent.