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April 2015

Spanish Property Prices Still In Decline

Published: Wednesday 22 April 2015

Spanish property valuation firm Tinsa has recorded yet another fall in national average property prices in the first three months of this year. Tinsa’s latest local markets survey shows that the average property price in Spain was 3.1 per cent lower by the end of the first quarter of 2015 than it had been at the end of the same period last year. However, the firm did note that the pace of decline has slowed – prices had decreased by 6.7 per cent in the same period between 2013 and 2014. What’s more, the latest rate is also an improvement on the 4.5 per cent annual reduction in prices recorded in the final quarter of 2014. In terms of regional areas, the Balearic Islands led the way in terms of house price growth in the past quarter, with increases in prices also seen in Teruel, Palencia, Santa Cruz de Tenerife and La Coruna. However, these gains were offset by declines in a number of areas, most notably Navarra (-12.8 per cent) and Asturias (11.9 per cent). In terms of the country’s 50 provincial capitals, only four recorded higher property prices than last year – Burgos (5.4 per cent), Palma de Mallorca (1.8 per cent), Barcelona (1.7 per cent) and Malaga (0.1 per cent).