In the first three months of the year Spanish house prices fell 12,6% year on year, their sharpest decline since current records began – according to real estate portal PropertyWire.
The figures from the national statistics institute, INE, marks the biggest fall since it began collecting data in 2007, easily beating the previous trough of 7,7% in the second quarter of 2009.
In a report earlier this month, the International Monetary Fund (IMF) said Spanish house prices could drop by almost 20% this year under an adverse scenario. The INE data shows how prices are faring in different regions. Andalucía saw price falls of just 9,8% whereas the Balearic islands were down 14,9%, as were prices in Aragon and Catalonia.
The latest house price index published by Tinsa, a leading appraisal company, showed a decline of 11% in May compared to the same time last year, with house prices on the Mediterranean coast, where most holiday homes are located, and from the peak of the market to present are down 14%, with the Balearic and Canary islands down 24%.
Source: http://www.propertywire.com/news/europe/spain-property-prices-data-201206196652.html