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Homes today are worth 11.3% less than a year ago and 25% less than 3 years ago

Homes today are worth 11.3% less than a year ago and 25% less than 3 years ago. The valuations of homes that were made in the last month of the year testified to this. Tinsa, the top appraiser of the country in number of valuations, confirms the roller coaster ride that the price of flats, the main assets of Spanish families, is being thrown into at length in their latest monthly report of 2012.
The fall of 2012 is the greatest annual drop for flats in Spain’s recent history, since they were reduced four more points from a year ago (8.1%) and almost double than two fiscal years ago (6.6%), and since the pricing peak (in December of 2007), a total drop of 34% has been accumulated.
Even so, the fall that appraisers are registering cannot be chastised for being excessive if they are compared with the average reductions of 50% in Ireland, which, in addition, were registered in much less time, demonstrating the peculiarities of the Spanish market, where political and financial agents have contained the housing price fall in recent years, some through fiscal stimuli and others by accumulating them in their balances.
In this way, the price adjustments advance more slowly, and this year this has been especially noted that in the large cities (-14%) and their metropolitan areas (-13.7%). On top of the average pricing fall are properties situated of the Mediterranean coast, where they fell 12.5%. On the other hand, the cutback of prices was less in the smallest municipalities (-7.7%) and in the Canary and Balearic Islands (-6.6%).

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