The Tinsa property price index for November shows that average prices fell by 6.6% over the last 12 months, down from 7.4% last month. That’s the smallest fall in a year.
As you can see from the chart above, price falls stabilised at around 10% in the first half of the year, and started shrinking from July onwards. On present trends prices will be rising again within a few months.
Property prices are already reported to be rising strongly in the UK. The price of the average house is up by £13,000 to almost £168,000 since the trough earlier in the year, according to Halifax.
Moving back to Spain, even the price of property on the coast is falling at a slower rate, narrowing to -8.9% in November, just above what it was a year ago (-8.5%). Coastal property prices have been hit the hardest thanks to the surplus of holiday homes for which there is little market in a recession.
There was a dramatic improvement in the index for The Balearics and The Canaries, where prices were down just 3.2% on a year ago.
Note that Tinsa’s index is based on valuations carried out by the company, and not on actual transaction prices.
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