Average Spanish property prices fell 4.3% over 12 months to the end of July, according to Tinsa, one of Spain’s leading property appraisal companies.

If Tinsa’s figures are to be believed, Spanish property prices are still falling on an annualised basis, but less with every passing month. If this trend continues, prices will soon be higher than there were 12 months ago, maybe even this year.

The Tinsa index uses the year 2001 as a base. The average price index in July was 1,898, and for Mediterranean coastal areas 2,019. That means that, despite the recent price correction, prices on the coast are still more than double what they were a decade ago.

The problem with the Tinsa index is it may not be very reliable. It is based on valuations rather than transaction prices, and most valuations are carried out on behalf of banks. As a result, Tina’s index reflects the interests of banks, not market prices.

The following table gives annualised price changes for selected regions.