Holiday homes 8pc cheaper than a year ago according to Tinsa House price index

Average Spanish house prices have declined 5.9pc over the last year to the end of May, according to the house price index published by Tinsa – one of Spain’s leading appraisal companies. Holiday homes are down even more.

House prices are now back to where they were 6 years ago in May 2005, 3 years before the bubble burst.

Prices fell the most on the coast (-8.1pc in 12 months), where the market is struggling to digest a glut of holiday homes.

Peak-to-present, house prices on the coast have fallen the most (-27.8pc), followed by cities (-22.7pc), suburbs (-22pc), and the islands (-19.3pc).

Prices have almost certainly fallen more than the index suggests.

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