Property prices in Spain down 6.6% in 2009
22.01.2010
Housing prices in Spain decreased by 6.6% in 2009, while since the beginning of 2007 prices have decreased by almost 14.8%, according to official data provided by Tinsa, a Spanish firm specializing in real estate valuation.
Tinsa predicts further drops in Spanish real estate in 2010, despite the fact that at the end of last the Spanish housing market has virtually stabilized. In the last quarter of 2009 prices fell by only 0.5%.
In 2009, the decrease in property prices was particularly observed for the housing located in the Spanish Mediterranean, where the decline amounted to 7.6%.
Prices for property in Madrid and other major cities of the country declined by 6.6%, with the most intensive drops observed in the central regions of Spain.
Meanwhile, The Balearic and Canary Island - favourite holiday destinations for the European tourists - posted the smallest drop in property prices which amounted to only 3.8% for the whole year.
Since 2007, the most significant property price drops observed in for the property located in the Spanish Mediterranean (-20.8%), metropolitan areas (- 16.7%), capital and large cities of the country (-14.8%) , Balearic and Canary Islands (-13.3%), as well as other municipalities (- 12.9%).
The figures provided by Tinsa almost exactly correspond to official data recently released by the Ministry of Housing of Spain, which show that the average home prices in Spain in 2009 declined by 6.2%.
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