House prices increased 0.3% in July
House prices in Spain increased by 0.3% in July, when compared to July in the previous year. This is according to the latest IMIE Index from tinsa. The figures confirm the stability we have seen in the market over recent months.
Since January, the increase is 1.6%, which is slightly lower than the increase up to June which was 2.2%. It is also much higher than the figure recorded in the same period of 2015, when the index showed a decrease of 0.5%.
Of the groups tinsa uses to split the country, the best performing was the “Balearic and Canary Islands” with an increase of 1.7%. “Capitals and Large Cities” saw a year-on-year increase of 1%y.
Both the “Metropolitan Areas” and “Mediterranean Coast” saw their prices remain stable when comparing to the same month last year. Both groups saw prices increase by 0.3%. The only group to show lower prices than last year was “Other Municipalities” which showed an annual variation of -1.4%.
Cumulative Variations
When looking at price evolution for the first seven months of this year we see the best performing area was the “Balearic and Canary Islands”. Prices on the islands have increased by 4.9%. “Capitals and Major Cities” and “Other Municipalities” both recorded a price increase of 1.5% since January. The “Mediterranean Coast” has seen prices increase by 1.1%, while the “Metropolitan Areas” saw an increase of 0.2%.
Variation from Peak
The average decrease in house prices in Spain since the peak of 2007 reached 41.3% in July.
With price falls under than the national average was the “Balearic and Canary Islands” which have seen prices fall by 29.2% since 2007. Prices in “Other Municipalities” are currently 37.3% lower.
The other groups have all recorded price falls over the national average. In “Mediterranean Coast” the cumulative decline is 47.5%. “Metropolitan Areas” and “Capitals and Large Cities” also recorded price falls above the national average with prices falling 44.9% and 44.5%, respectively.
