Spain house prices in 'steep decline'

Photo: Aston Black

Tinsa explained in a statement that the Index “has continued in September a similar trend to the previous month” and noted that the cumulative decline since home values reached their highest point in December 2007, has now increased to 39.1%, reports Kyero.com.

Breaking the results down into definitive zones, the most significant reduction was noted in the metropolitan areas, which decreased by 15.6%, followed by the capitals and major cities which fell by 11.0%, and then the municipalities of the Mediterranean Coast, with a decline of 10.7%.

In addition, continuing the trend of recent months, the Balearic and Canary Islands reflected a decline of only 1.5%, year-on-year, while the other municipalities not included in the previous segments showed a decrease of 4.8% over the same month of last year.

With regard to the declines accumulated since the highest values reached, El Mundo reported that house prices on the Mediterranean Coast registered the largest decline, with 45.7% to September, followed by those in the metropolitan areas, with 43.6%, capitals and major cities, with 43.1%, the other municipalities with 31.9% and, completing the series, the Balearic and Canary Islands, with 29.6%.