Spanish house prices drop 6.6% in June

Prices for property in Spain fell by 6.6 per cent last month compared with June 2010, new figures have revealed.

The latest General IMIE (Spanish Property Market Index) report from valuation and consulting firm Tinsa also revealed a monthly decrease in house prices compared with May.

Overall, the largest drops were recorded on the Mediterranean coast, where values fell by 8.7 per cent over the previous year. Large cities saw a 7.3 per cent decline, while the Balearic and Canary Islands registered a seven per cent negative movement.

"As regards variations by areas, it should be highlighted that all of them showed greater year-on-year falls than in the previous month," Tinsa said in its report.

The figures come days after the National Statistics Institute (INE) in Madrid revealed an 18.3 per cent decline in Spanish housing sales in May compared with the same month in 2010.

This represented the third month in a row that transactions dropped rather than increased, the INE noted.

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