Spanish property prices fell by 9.8% over 12 months to the end of May, according to the latest Spanish property price index published by Tinsa, one of Spain’s leading appraisal companies.
For what they are worth, the figures represent a slight improvement on the previous month, when prices fell by 10.1%. It could be a sign that the slide in prices is beginning to stabilise, though more months will have to pass before we can call a trend.
Once again, coastal areas were the hardest hit, thanks to the concentration of second homes in those areas. Average prices in coastal municipalities fell by 12.8%.
Next came big cities and provincial capitals, including Barcelona and Madrid, where prices dropped by 10.1% on average.
House prices in the suburbs fell by 9.6%, and by 9.8% in The Balearics and The Canaries, where prices falls were steeper this month than last month.
The problem with Tinsa’s figures is that, like the government’s figures, they bear little relation to the real world, where prices are down by at least 20% to 30%.
The following table shows Tinsa’s property price index over the last 12 months, for selected regions: