Spanish property prices fell by 9% over 12 months to the end of February, according to the latest monthly Spanish property price index published by Tinsa, one of Spain’s leading appraisal companies.

The good news, if there is any, is that the rate of decline slowed slightly, by 1.1% compared to January, when it fell by 10.1%.

Tinsa warns that, thanks to volatility in the index, it is too soon to declare that house price declines have started to bottom out. “Volatility in the annual index can distort monthly results,” say Tinsa, who also points out that volatility is lower when prices are rising.

February’s average fall of 9% contrasts with a rise of 18.4% clocked up by the same index in February 2004, when the Spanish property boom was in full swing.

Prices fell the most in metropolitan areas, down by -11.1%, followed by Mediterranean coastal areas, down by -10.7%. Next came big cities (-8.8%), the Balearics and the Canaries (-7.6%), and the all other municipalities (-7.9%).