Property prices in Spain, according to the monthly index compiled by Tinsa, fell 5.5% in January compared to the same month last year. The index shows a slight slowing of the collapse in property prices compared to the previous month of December, where the decline was 6.6%.
According to Tinsa the Mediterranean coast showed the largest decrease of property prices of 7.1%, the Balearic and Canary Islands  6.7%, Metropolitan Areas 6%,  larger cities 5.9% and the remaining municipalities  3.6%. Although the interannual drop in prices slowed down, the cumulative decline of property prices since its hights in october 2007 is increasing to 15%.

All zones analyzed, except the Mediterranean coast, the Canary Islands and the Balearic Islands which recorded a similar decline as in previous months of 2009, slowed down the decline of property prices. The cumulative decline in the Mediterranean coast is 20.5%, Metropolitan areas 17.8%, large cities 15,4 %, Balearic and Canary Islands  14.6% and the remaining municipalities 13.5%.

Development of the Spanish real estate index in 2009:

January: -10.1%
February: -9%
March: -9.7%
April: -10.1%
May: -9.8%
June: -10.1%
July: -9.2%
August: -8.9%
September: -8.3%
October: -7.4%
November: -6.6%
December: -6.6%