MADRID: As the Spanish property market at last approaches price stability after seven years of crisis, leading valuation firm Tinsa has published its quarterly report for the first three months of this year, concluding that across the Property prices have fallen by 50% in various parts of Spaincountry the rate of annual decline has slowed to just 3.1%.
Among the data compiled by Tinsa is the computation of how far prices have fallen since reaching their peak in late 2007, and the figures show that on average 41.5% of the value of residential property in Spain has been wiped out in the last seven and a quarter years. As a result prices are now back down to levels last seen in 2003.
In some areas, though, the adjustment in market price has been even sharper. In Castilla La-Mancha and Catalunya the average has fallen by over 50%, and Aragón (-49.6%) and Madrid (-48.5%) are not far behind. In Extremadura, on the other hand, the decline has amounted to only 30%, and in Galicia the equivalent decrease is 32.5%.
