The average price for property in Spain has fallen 10 percent from April, 2008 to April, 2009, according to the latest figures from Spanish appraisal company Tinsa. The year on year fall was led by the coastal regions, or costas, where prices fell by approximately 13.5 percent over that period.
The large cities, including Madrid and Barcelona, saw property prices declining by 10.3 percent over the past year. The cities have been consistent, with falling prices for each of the past 12 months. The costas have been on a roller-coaster over the past year. Some months have seen very little drop in prices, such as a 1.2 percent decline in April, 2008, and some have seen a large drop, with a 14.3 percent fall in December.
The Balearic and Canary Islands have not been hit quite has hard by the fall in property prices, but they have seen a 9.2 percent drop over the past year. The government in Spain is trying to increase incentives for buyers, but developers are calling for more action and there may yet be additional investment inducements in the coming months.
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