Year ends with faster fall

Spanish house prices finished the year falling at a slightly faster rate than earlier in 2014.

The local markets index, released by valuation firm Tinsa, shows a drop in the period spanning October, November and December of 4.5 per cent, a little more pronounced than the third quarter decline of 4.3 per cent.

But the index compares positively to the previous year’s figures, when prices were still dropping at 8.3 per cent in the last quarter.

Two Spanish regions bucked the trend, registering rising property prices over 2014’s last quarter. The autonomous city of Melilla showed a year-on-year increase of 2.3 per cent, and the Balearic Islands crept up by 1.5 per cent.

Both these areas count amongst those in Spain least badly affected by the property crash. In Melilla, prices have fallen 12.3 per cent since 2007, and 29.4 per cent in the Balearics.

The decreases are significant, but pale when compared to Castilla-La Mancha and Catalonia, the two Spanish regions which have seen prices collapse by more than 50 per cent over the last seven years.

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