According to the spanish property prices’ index of the leading company TINSA, property prices dropped in August 2011 by 6.8% compared with August 2010.
The conclusion of TINSA is that the average drop since 2007 is 23.5%.
TINSA states in its report that the average drop in property prices in the big cities is 25.6% since the price-peak of 2007 whereas, on the Mediterranean coast, the fall has reached 29.2%.
At least something makes sense in the Spanish property market since the price drops are in line with the fall in transactions. According to the National Statistics Institute in Spain, property transactions declined in June by 8.6% compared with June 2010.