Property sales in Spain down by 11.4% Q3 totalling 106,273 transactions
14.12.2009
House prices fell by 6.6 percent in November over the same month last year, a 14.8 decline since December 2007
In 2007 house prices were at their maximum value, according to data today by appraisal society Tinsa.
The decline in November, slightly less than the 7.4 percent in October, confirmed that the price decline is moderating, but the view of the Spanish housing market index (IMIE) of Tinsa assumes that they will continue to decline month by month , albeit at a slower pace.
The price cut is still more marked in the area of the Mediterranean coast, with a drop of 8.9 percent in November, while in the capitals and big cities the decline was in the vicinity of 7 percent.
For the rest of the municipalities not included in any of these classifications, prices fell by 6.2 percent in November, four percent less than in October.
Regarding the cumulative decline since December 2007, this highlights the value of homes on the Mediterranean coast, which has already passed a fall of 20 percent (20.6%), whereas in big cities this reduction is 15, 8 percent.
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