The price of housing in Spain has fallen by 15.2% in the third quarter of 2012 compared to the same period last year, which means a decrease of eight tenths, as provided by the price index from the National Institute of Statistics.
The decline in the price of new houses has fallen by 13.6%, eight tenths less than the previous quarter. In terms of resale properties the inter-annual variation was seven tenths, a fall of 16.4% in the third quarter. These rates are the lowest since the statistics started in 2007.
Prices in Spain have now fallen consecutively over the last five years returning negative variations. Prices started to drop in the second quarter of 2008 (-0.3%) and since then the trend has not yet been reversed.
Autonomous Regions of Spain
When looking at house prices across Spain, prices have dropped in all autonomous areas with the exceptions of the Balearic Islands where they have reversed the trend and risen by 1%, in Andalucia +0.3% and the Basque region +0.3%.