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Price of housing in the Balearics has fallen by 9%

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Properties in Majorca

The average price of housing in the Balearics has undergone an accumulated downturn of 9 percent over the last 12 months, below the national average, property taxation watchdog “Tinsa”claimed yesterday.

A report shows that at a national level, the average price of housing has fallen by 12.3%. Since the peak of the property market in December 2007 at the start of the crisis, the downturn in housing value has tumbled by 33.7%.

According to Tinsa, the coastal areas of the Mediterranean are those which have experienced the highest decline in housing prices over the past year, by 15.2%, followed by metropolitan areas with a downturn of 15.1%.

source:majorcadailybulletin.es

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