Spanish house prices back to 2003 levels

Spanish house prices fell another 10% in quarter two of the year according to statistics released this week by Tinsa, a leading appraisal company.

The peak-to-present drop in house prices has now hit -37.1%, taking Spanish property values back to where they were towards the end of 2003. The rate at which prices are dropping has slowed slightly since the 1st quarter, when they fell 12.1pc.

The regional breakdown of price data for the second quarter shows that Cantabria is the region that has seen the largest year on year decrease in its property prices at 15.7%, it is followed by Catalonia, 15.2%, and Murcia & Castilla la Mancha, both at -13.9%.

All regions saw house prices fall, but those in which they fell the least were La Rioja, 5.0%, the Balearic Islands, 5.1%, and the Canary Islands, 5.3%. What is evident in the second quarter is that, in general, prices have been more robust in Spain’s tourist areas.

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