The average house price fell an average of 4.5% in February compared to the same month 2010, which accumulates an adjustment of 19.5% since the beginning of the crisis, as measured by the Real Estate Appraisal (Tinsa).
The fall in prices of apartments thus maintains its trend in the first two months of 2011, after it closed the previous year with a reduction of 3.9%, as noted in January a fall of 5%.
Tinsa believes that the housing market has overcome the effect that in 2010 he produced the tax changes to be influenced by new factors "who come to the forefront in the coming months," such as the rising inflation and rising interest rates.
For firm valuation, inflation to remain at the current rate, could produce a trend of flat or slightly down from the nominal value of the property, "a steeper drop in the price of housing in real terms. "
Regarding interest rates, consider that, if confirmed its increase will translate into increased financial stress that families make to buy a home, "or simply to keep paying the credit mortgage. "
adjustments areas
As of February, the biggest adjustments are located on the Mediterranean Coast, down from 6.7% in metropolitan areas, with a cut of 5 , 4% and in the capitals and major cities (-5.2%).
In contrast, more moderate decreases were recorded in the Balearic and Canary Islands, where the house fell a slight 0.8% in the second month of the year compared to a year earlier.
In other cities, the fall in prices of flats was 3.3% and therefore also below the national average.
Thus, the cumulative adjustments from the maximum price achieved before the crisis ranged from 27.2% in the Mediterranean Coast to the 16.1% recorded in the remaining municipalities .
In metropolitan areas, housing has been cheapened by 20.7% in the capitals and major cities, 20.6%, and in the Balearic and Canary Islands, 17.5% .
Via The Economist
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