Spanish house prices 'drop again in September'

The General IMIE index of Spanish house prices published by Tinsa saw property values across the nation decline in September.

According to the figures, average house prices are now 7.4 per cent lower than they were a year earlier, with real estate in capitals and other major cities taking the biggest hit.

Properties in Spain's urban centres decreased in value by 8.9 per cent last month, with dwellings on the Mediterranean coast not far behind, recording a drop of 8.2 per cent.

The most resilient markets were in the Canary and Balearic Islands, where real estate prices slipped by six per cent.

Tinsa pointed out that since the Spanish property market's peak in December 2007, values have slid by an average of 24.1 per cent.

However, Marc Pritchard, sales and marketing director of Taylor Wimpey de Espana, stated earlier this month that some regions of Spain had begun to recover.

He cited Alicante in particular, noting that the opening of a second airport terminal would help attract more visitors to the area, which will in turn boost the holiday home rental market.
 

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