Average price of homes falls by 2 percent in Balearics

According  to the index produced by the Tinsa property valuation and consultancy company, the average price of homes in the Balearics fell by 2.1% in May compared with the same month last year. (This index considers valuations for both new and used properties that the company undertakes.)
For the year to date, the Balearics and the Canary Islands both experienced falls similar to the national average of 1.5%, while areas on the Mediterranean coast of the mainland were the only ones to experience an upward trend over the first five months of 2015 (up by 1.4%).
Across Spain as a whole, the average price slumped 3.6% in May, which added to a cumulative fall in the average price of housing since December 2007 of 42.1%. Though the decline this May compared with May in 2014 is quite “striking”, Tinsa say that the average price has in fact remained relatively stable with only small fluctuations, as can be seen by the 1.5% fall for the first five months of this year compared with the whole of 2014.