Euroresiuk

8.8 percent drop in property prices in Spain

According to a study by the property evaluator’s Tinsa, the price of property has fallen by 8.8% since 2008. A report published yesterday by Tinsa shows that property prices are now at the level they were in the first quarter of 2005.

The price of property in Mediterranean areas has fallen by 14.3% which is one of the sharpest falls registered by Tinsa while property prices in urban areas have fallen by 10.2% although in large cities property prices have fallen by slightly less at 8.1%. In other areas property prices have fallen on average by 6.6%.

On the eve of an announcement by the Ministry of Housing the figures published by Tinsa show the biggest fall in the value of property for several decades. Moreover, property prices have fallen for the 10th consecutive time and contrast with figures for 2007 when the price of property rose by 3.6% with respect to the previous year.