The price of housing in Spain has fallen by around 18 per cent since the beginning of the crisis around December 2007.
According to recently released figures from the appraiser Tinsa, coastal areas especially the Costa del Sol and the Costa Blanca have experienced major correction.
The data shows how on average a property in the Mediterranean area today costs around 25% less than just three years ago, unveiling the biggest price decline throughout the whole of Spain.
Homes in the Balearic and Canary Islands have lost around 16.9% of their value since December 2007. Capitals and large cities have seen house prices decline by 18.8%.
Tinsa notes that “the fall in prices in October this year was lower than that observed in the same period of 2009.” And, from the previous month, houses have become 0.1% cheaper.
October statistics contrast with those of September, which saw the largest annual decline due mainly to corrections recorded in metropolitan areas and coastal areas.
The varying statistical updates and the various different opinions circulating in the Spanish property sector are leading to an extreme uncertainty amongst buyers, sellers, and especially the population at large.
While some experts say that house prices have already hit bottom at the same time others argue that properties in Spain are still overvalued by at least 40%.