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April 20, 2010

Spanish house price rout slows

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by Gill Montia

Spanish house price rout slows

Spain saw a slight easing of the downward pressures on its housing market during the first three months of 2010.

According to the Spanish Housing Ministry, prices fell by an average 4.5% year-on-year, compared with an annual fall 6.2% in the final quarter of 2009, and 7% in the third quarter.

The Ministry’s latest figures are in line with research from property web site, TINSA, which put the annual decline at 5.3% in March, down from 5.5% in February and 9.7% a year earlier.

As in the UK, the realities of the Spanish housing market are strongly regional, and in addition, the reliability of the country’s official house price figures has been questioned from time to time.

Last month, Spanish property specialist Kyero.com described the country’s official house price index as “ridiculous” claiming that everyone in the business knows that average prices have fallen more than reported.


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