Average house prices in Spain fall

According to figures published by Tinsa, a Spanish property valuation company, the average price of a house or flat fell by 6.8% in August compared to the same month in 2010. This means that prices have fallen overall by 23.5% since the end of 2007.

These figures also mean that the average price of a flat in Spain has fallen for 8 consecutive months. The fall in prices in August was the highest so far following a fall in price of 6.4% in July and 6.6% in June. In May prices fell by 5.9%, by 4.4% in April, by 3.7% in March, by 4.5% in February and by 5% in January.

The fall in property prices is more pronounced in Spain’s larger cities at around at around 7.8% less followed by a fall of 7.1% in property prices along Mediterranean coastal areas.

Other areas saw falls of 6.4% in property prices in August compared to the same month last year while prices fell by 5.8% in metropolitan areas.

In the Balearic Islands and the Canary Islands the price of flats have fallen on average by 4.

9% since August 2010.

Following these results for August 2011 the accumulated fall in property prices since the height of the property boom in 2007 reached 29.2% in some Mediterranean coastal areas.

Compared to figures for 2007 prices have fallen by 25.6% in large cities and 23.4% in metropolitan areas. In other areas the accumulated fall in house and flat prices in Spain is around 20.4% while in the Balearic Island and the Canary Islands it is estimated to be around 21.1%.