Price of Housing Fell by 0.5% in August, Says Tinsa
The average price of finished housing in Spain (new and second hand) fell by 0.5% compared to the same month in 2015, according to data published in a press release this week by the property appraisal company, Tinsa, which also reveals that in the accumulated figures for the first eight months of the year, prices rose by 0.2% bolstered by the resurgence in the tourist areas in August.
According to the geographical area categories analysed by Tinsa, in August, prices rose on the Mediterranean Coast (6.2%) and in the Balearic and Canary Islands (2%), while declines were registered in the Capitals and Large Cities (-0.9%), the Metropolitan Areas (-1.5%) and the Other Municipalities (-2.8%).
In the eight months to the end of August, the Capitals and Large Cities accumulated a decline of 0.1% while in the Metropolitan Areas this decline reached 2.6%.
In contrast, the average price of housing on the Mediterranean Coast increased by 4.1% between January and August, while the Balearic and Canary Islands registered an increase of 2.8% and the Other Municipalities also registered a slight increase, of 0.1%.
Since the maximum price levels reached at the end of 2007, the average price of housing in Spain has declined by 42.1%.
However, Tinsa highlighted the fact that the residential market in Spain continues in a process of stabilisation as, since autumn of 2014, the average price levels recorded in their General Index show slight increases and decreases, remaining in a band between 1,320 and 1,340 points.
9 Sep 2016