Balearic and canary island house prices fall 14pc

Photo credit: Melfoody

After resisting the recession amid a sea of Spanish declines, the prices of homes on the Balearic and Canary Islands have dropped by 14 per cent.

In fact, according to Tinsa's latest official figures, the islands actually suffered the biggest price drops in the country over the past year. Spanish property prices were down overall by 11.2 per cent, while the other regions saw values slip by 9.1 per cent.

Despite this, reminds Property Showrooms, the Balearic and Canary Islands are still the best performing property markets in Spain: property on the Mediterranean Coast is now priced 37.2 per cent below its peak value. The archipelago prices, on the other hand, have only dropped by 29.2 per cent from the market peak.

Thanks to its low house prices, Spain remains the most popular destination for property on TheMoveChannel.com, accounting for 19.39 per cent of all enquiries in July 2012.