The price of housing (new build and resale) continues to climb and in May rose 3.6% compared to the same period in 2016, according to the IMIE General and Grandes Mercados index developed by Tinsa. The capitals and big cities, with an increase of 6.1%, and the Mediterranean coast, with an increase of 4.7%, were the areas with a better evolution.
Since the highs since 2007, the average value of houses in Spain has accumulated a drop of 39.2%. The 1,387 points of the general index reached in May mean that the average price in Spain returns to the level of December 2013.
Compared to the previous cycle, before the outbreak of the crisis, the housing would be in values equivalent to those of September 2003. In addition to the capitals and the Mediterranean coast, the year-on-year growth of 2.9% ( Balearic and Canary Islands), followed closely by 2.2% of the smallest localities, grouped in the Resto index of municipalities.
Meanwhile, the metropolitan areas remain at levels similar to those of May 2016 and show a slight decrease of 0.3%.
The housing continues to reduce the gap generated since the end of 2007. The cumulative adjustment in the average price since then is at 39.2%. On the Mediterranean coast, the most affected area in the last 10 years, the accumulated adjustment is 45.6%, only one point more than in metropolitan areas, where the average price has fallen by 44.5% since the highs.
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