Spanish house prices continue their decline in April

TINSA has a new Spanish house price report available today. The accompanying press release summarises their findings:

The IMIE General index declined by 12.5% in April, pushing the index down to 1603 points. The cumulative decline in house prices from the peak of the market in December 2007 rose to 29.8%.

In terms of the different segments, the municipalities of the “Mediterranean Coast” once again recorded the sharpest year-on-year decline during April with a fall of 14.3%, closely followed by “Capitals and Major Cities” which fell by 13.7% compared to the same month last year. In both cases the decline was higher than the market average.

Below the market average were the “Balearic and Canary Islands” which fell by 12.3% year-on-year, followed by “Metropolitan Areas” with 12%; while the lowest declines were recorded by “Other Municipalities”, defined as those not included in the other segments, which recorded a fall of 10.6%.

In terms of cumulative declines from the top of the market by segment, the “Mediterranean Coast” was down by a total of 37% in April; followed by “Capitals and Major Cities” with 32.8%, “Metropolitan Areas” with 30.7%, “Balearic and Canary Islands” with 26.9% and lastly “Other Municipalities” with 24.2%.