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July 20, 2011

Spanish house prices down 22% on 2007 peak

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by Gill Montia

Spanish house prices down 22% on 2007 peak

Spanish house prices registered a 6.6% year-on-year decline in June, compared with an annual fall of 5.9% in May.

According to the latest IMIE house price index from real estate valuation specialist, Tinsa, the cumulative decline now stands at 22% from the Spanish housing market peak at the end of 2007.

All regions of the country showed greater annual falls in June than May with the Mediterranean coast leading the way, as the value of the typical property dropped 8.7%.

In June, Spain’s regional capitals and large cities showed a 7.3% annual fall and the Balearic and Canary Islands a decrease of 7%.

Compared with 2007, homes on the Mediterranean coast have typically lost 28.8% of their value, while residences in capitals and large cities are down by 23.4%.

Other metropolitan areas show a cumulative fall of 22.9% and the decline in the Balearic and Canary Islands comes in at exactly 20%.


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