Balearic and Canary Islands house prices most robust in Spain

TINSA has a new Spanish house price report available today.

The accompanying press release summarises their findings:

12.3% year-on-year decline in house prices in November

The Mediterranean Coast and Metropolitan Areas continue to be the areas most affected by falling prices, while the Balearic and Canary Islands were the least affected.

The General IMIE index fell by 12.3% year-on-year in November, very similar to the previous month. The accumulated decline from the top of the market in December 2007 was 33.7%.

By area, the “Mediterranean Coast” once again occupied first place with a year-on-year decline of 15.2%, closely followed by “Metropolitan Areas” with 15.1% and “Capitals and Major Cities”, where house prices fell by 14.4%, completing the segments with declines above the market average.

Below average were the “Balearic and Canary Islands” with a year-on-year decline of 9%, and “Other Municipalities” – those not included in the other segments – with a decline of 8% compared to the same month the previous year.

In terms of cumulative falls by area since the market reached its peak, the “Mediterranean Coast” broke new ground in November reaching 41%; followed by “Capitals and Major Cities” with 37.3%, “Metropolitan Areas” with 37%, “Other Municipalities” with 27.3% and lastly “Balearic and Canary Islands” with 26.7%.