Spanish Property Prices Decline but Levelling Out?
October 14th, 2009
The number of houses sold in Spain fell 8.2 percent in August from a month earlier, the first decline after rising for three months in a row on a monthly basis, official data showed on Tuesday.
Sales were down 9.9 percent in August from a year earlier, the 20th consecutive month of shrinking sales, the National Statistics Institute said.
The fall in August sales to 34,019 homes compared with a year-on-year decline of 20.3 percent in July, and a record 47.6 percent drop in April.
Residential Spanish property prices fell by 8.3% over 12 months to the end of September, according to the latest Spanish property price index published by Tinsa, one of Spain’s leading appraisal companies.
Nationally, prices are not falling as fast as they were, which may mean the market has touched bottom. It certainly looks that way from the TINSA graph. Then again, this might just be a temporary pause before prices start accelerating downwards again.
After all, that’s what has happened to property prices on the coast. After stabilising in July and August they lurched lower again in September, falling 11.5% over 12 months, the highest fall of all the regions analysed by Tinsa.
Story from Forbes and Mark Stucklin and TINSA
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