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Prices drop nationally but rise on the coast
The price of property in Spain continued to fall nationally according to the Tinsa statistics released for the month of May. The valuation company’s data showed that prices fell by 3.6% year-on-year although prices on the coast again bucked the downward trend and rose by 1.4% after having increased for the first time in 2008 this March by 0.2%.
While the decrease on last May shown in the national index may appear substantial it disguises the fact that prices have barely dropped at all since last November. Tinsa therefore sees prices as having stabilised with a peak-to-present fall now standing at 42.1%.
Although prices on the Mediterranean Coast are now the only ones which are showing a rise in Tinsa’s data it must be remembered that they have also fallen the most since they peaked with a total decrease of 48.8%. Thus, the fact that they now appear to have bottomed out and are back in positive figures will come as a relief to many.
Decrease for major cities
A surprising statistic from the May data was that the grouping Capitals & Large Cities posted the largest decrease in prices at -4.9% year-on-year. They were followed by the grouping Metropolitan Areas which saw a price adjustment of -3.8% and the Remaining Municipalities where prices fell by -2.7%.
The results for the Capìtals & Large Cities grouping are a surprise as both Barcelona & Madrid have seen prices begin to rise in the majority of indexes as investors start to buy up what many see as underpriced assets in the cities. The result for May is therefore somewhat of an anomaly and the decrease should be corrected in coming months.