Spain’s house price falls decelerating, near bottom?
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Spanish house prices registered a year-on-year decline of 4.2% in Q4 2013, slight improvement from a fall of 4.49% the previous quarter, according to Banco de España (BDE). It has now accrued a decline of 30.2% from the maximum values reached in 2007, before the crisis, and has accumulated 21 consecutive quarters of y-o-y declines. The decline registered in 2013 is lower than those experienced in the fourth quarter of 2012 (-10.02%), 2011 (-6.78%) and 2009 (6.25%), but exceeds those of 2010 (-3.53%) and 2008 (-3.21%).
According to the latest Tinsa IMIE Index, prices have declined 7.9% y-o-y in February 2014, an improvement from the same period last year registering a year-on-year decline of 11.6%.
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