The average price of housing in Spain fell by -4.7% year-on-year in April, accumulating a decline of -40.1% since the peak prices reached in December 2007, before the bursting of the housing bubble, according to the latest IMIE house price index data from the real estate valuation and appraisals company, Tinsa.
The April decline moderated to -4.7%, despite beginning the year with a decline of -7.2%, and is far from the variation recorded in the same month of 2013, which was -10.5%.
In the first four months of the year, the value of housing registered an accumulated average decline of -1.2%, well below the -5.9% decline recorded in the period of January to April 2013.
By areas, the Capitals and Major Cities suffered the largest cut year-on-year, of -7.2%, followed by the Mediterranean Coast with a decline of -6.9%, and the Balearic and Canary Islands, which closed the month with a drop of -6.7%. The Metropolitan Areas registered a decline very close to the average, at -4.3%, and the Rest of the Municipalities, not included in the above sections, experienced a slight increase, of +0.5%.
With regard to the accumulated declines since the highest values reached, the Mediterranean Coast registered the biggest adjustment in April, of -48.9%, followed by the Capitals and Major Cities with -44.7%, and then the Metropolitan Areas, which have experienced a decline of -42.8%. Clearly below the average decline stood the Rest of the Municipalities, down -32.7%, and the Balearic and Canary Islands with a drop of -29.5%.