Price falls accelerate in Balearic and Canary Islands
By Steve Binge

Price falls accelerate in Balearic and Canary Islands

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Properties in the Balearic and Canary Islands have shed 14 per cent of their value in the past year, new data shows.

According to figures published by Tinsa for July, the archipelagos experienced the biggest price falls in the past 12 months.

Nationally, Spanish property prices were down by 11.2 per cent year-on-year, with homes in the other municipalities band faring best, as their value declined by just 9.1 per cent.

Although real estate markets in the Canary and Balearic Islands are performing poorly now, they have still retained more of their worth since the decline began. The property valuation firm noted that prices are down by 29.2 per cent on their peak.

By contrast, homes on the Mediterranean coast have had 37.2 per cent wiped off their value, despite only recording an annual fall in July of 11 per cent.

Last month, Clare Nessling, director at international mortgage specialist Conti, told This Is Money that the Spanish real estate market has "reached a low point", which is encouraging potential investors to search for good deals.
 
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