Another scrap of evidence that Spain’s house price crash is fizzling out, as a leading index showed declines slowing between January and February.
Spanish house price declines slowed down a fraction between January and February, according to Tinsa’s latest house price index.
Annualised house price declines in February stood at 7.6pc, down from 7.2pc in January. The average cost of housing in Spain is now 1,359 €/m2, back to where it was in July 2003, more than a decade ago. In nominal terms, prices are down 40.5pc peak-to-present, and more like 50pc or more in real terms.
House prices on the coast took the biggest hit over 12 months to the end of February, down 11.2pc, followed by the Balearic and Canary Islands, down 8.2pc each. Capitals and big cities were down 6.7pc.
Peak to present, house prices on the coast are down 48.6pc, followed by cities (-43.7pc), and the islands (-32.8pc).
The Tinsa index is based on more than 200,000 annual valuations, not actual sales prices.