Posted on August 8, 2016 in Property

The price of new and second hand finished housing in Spain increased by 0.3% in July over the same month of last year which, according to the July IMIE index published last Friday by property appraisal company Tinsa, maintains the path of stabilisation which began two years ago.

Between January and July of this year the price of housing has risen by 1.6%, compared to the 0.5% decline registered during the same period of 2015, and is somewhat less than the 2.2% increase registered between January and June of this year. This index has accumulated a decline of 41.3% since the maximum prices reached in 2007.

Among the categories analysed by Tinsa, in July, the largest year-on-year increases in house prices registered were those recorded in the Capitals and Large Cities, with an increase of 1% compared to July 2015, and in the Balearic and Canary Islands (+1.7%).

Prices on the Mediterranean Coast and in the Metropolitan Areas rose by 0.3% while, in contrast, the Rest of the Municipalities, i.e. the smaller towns, showed a decline in the price of housing of 1.4% year-on-year.

In the cumulative figures for the year (January to July), the Balearic and Canary Islands are the group which recorded the largest increase in prices, rising by 4.9%, followed by the Capitals and Large Cities and the Rest of the Municipalities, both with an increase of 1.5%, while the Mediterranean Coast and the Metropolitan Areas registered price increases of 1.1% and 0.2%, respectively.

In Spain, the average decline in house prices registered since their peak levels of 2007 stands at 41.3%. The greatest accumulated declines registered, above the national average, are those of the Mediterranean Coast (-47.5%), the Metropolitan Areas (-44.9%) and the Capitals and Large Cities (-44.5%), while with average declines standing below the national average are the Balearic and Canary Islands (-29.2%) and the Rest of the Municipalities (-37.3%).