Spanish property prices fall 8.9 per cent YoY

According to the latest report from Spain’s property valuations company (Tinsa), the average price of Spanish property decreased 8.9 per cent over the past twelve months (August 2008 – August 2009).

The areas hardest hit by price drops are the costas, which reached 10.3 per cent in August. After that the big cities and capitals concluded with a 9 per cent decrease.

Property prices droppping since 22 months

Spanish property portal fotocasa.es confirms a 22-month consecutive drop in property prices. Average prices per square meter in August, according to the portal, were at 2,386 euros per square meter. This latest figure represents a 10.9 per cent year-on-year drop.

Related news articles:

1. Drop in Spain’s property prices increases in May
2. Spanish new build prices fall at record pace
3. Spanish real estate prices fall to 2005 levels
4. Spain sees 32 per cent less re-sale property completions
5. 1 million euros discounts on luxury property