CONTENTS - Contents of the report...p. 2 - Summary of results...p. 3 - General Map of Autonomous Regions...p. 4 - Detailed information: - Galicia...p. 5 - Asturias...p. 7 - Cantabria...p. 8 - La Rioja...p. 9 - Navarre...p. 10 - Castilla y Leon...p. 11 - Aragon...p. 15 - Catalonia...p. 17 - Castilla-La Mancha...p. 22 - Extremadura...p. 25 - Andalusia...p. 27 - Murcia...p. 30 - Canary Islands...p. 31 - Balearic Islands...p. 33 - Ceuta...p. 34 - Melilla...p. 35 - Madrid...p. 19 - Valencia Region...p. 20 - Graph of the Variation (Autonomous Regions)...p. 36 - Graph of the Variation (Provinces)...p. 37 - Notes on methodology...p. 38
research IMIE Local Markets CONTENTS of the REPORT This document outlines the evolution in unit house prices in each of the autonomous regions and provinces in, with the exception of the Basque Country, where Tinsa does not yet have a sufficient sample to prepare a representative indicator. This evolution is reflected through a series of indices with a base year of 2001 (2001=1000). We wish to point out, in order to avoid mistakes in interpretation, that these are index numbers and never Euros per square metre. By comparing them, conclusions can only be drawn about the relative evolution between two periods of time, without being able to determine which provinces possess the lowest or highest average values. This new collection of indices will be called IMIE Local Markets, in order to differentiate them from the IMIE Major Markets, in which the general index and five area indices represent much more generic geographical markets. Another major difference between them lies in the frequency with which they are collected: the IMIE Local Markets are obtained quarterly whereas the IMIE Major Markets are produced monthly. Apart from this, they all come from the same database and share the same methodology and base year, meaning they are perfectly comparable. In order to be able to cross reference the General Index's evolution with the evolution of each local indicator, we average the data of the former in each calendar quarter. With regard to the structure of the report, we have set out the content in five main sections: A summary of the results, outlining the most important facts concerning the evolution of the different indices by territory, and comparing it with the average performance of the country as a whole. A general autonomous regions map with the latest index and the year-on-year variation corresponding to each one. The main body of the report, with the detailed results for each autonomous region and its provinces. A table is included which shows the latest index corresponding to each one, the cumulative variation since the top of the market and some coloured icons to indicate specifically how their performance compares to the national average. A summary using charts and graphs to explain the year-on-year variations per territory, with the aim of getting an overview of the results. A brief methodological description of how the indices are constructed. 1
Second Quarter Index 2013 SUMMARY of RESULTS The IMIE Local Markets Index fell by 10.5% nationally, slightly correcting the trend prevalent in previous periods All Autonomous Communities have fallen by over 25% since the beginning of the crisis. During this period, the sharpest decline occurred in Catalonia, Castilla La Mancha and Aragon, which fell by over 45% By autonomous region, Cantabria and Catalonia recorded the sharpest decline in property values, falling by 15.7% and 15.2% respectively last year. At the other end of the scale, La Rioja and the Balearic and Canary Islands fell by around 5% By province, Guadalajara, Barcelona, Cantabria and Huesca recorded the sharpest interannual decline during the second quarter. At the other extreme, Ciudad Real, Santa Cruz de Tenerife and Segovia fell by less than 5%. Madrid, 23 August 2013 Tinsa, the leading multinational for property valuations, analysis and advice, today published the IMIE Local Markets index for the second quarter of 2013. As the report highlights, the decline in the general index, which ended the period at 10.5%, has adjusted slightly in relation to the first quarter of the year, which fell by 12.1%. The accumulated decline in this indicator since peak values were reached in the last quarter of 2007, marking the start of the crisis, has now reached 37.1% for the country as a whole, with current value being similar to those recorded at the end of 2003. At the Autonomous Community level, the sharpest interannual decline in property value occurred in Cantabria, with 15.7%, followed by Catalonia, 15.2%, somewhat higher than the Murcia Region and Castilla-La Mancha, where prices fell 13.9% over the last year. Below these figures, but still higher than the national average, are Madrid (13.7%), Galicia (12.9%), Castilla - Leon (12.8%), Navarra (12%), and Aragon (11.6%). The Autonomous Communities more in line with the national trend were Asturias (10.6%) and Extremadura (10.2%). The lowest decline in residential use value occurred in the La Rioja Autonomous Community, which fell by just 5.0%, followed closely by the Balearic Islands, 5.1%, and the Canary Islands, 5.3%. Losses of less that 10% were also recorded in the Community of Valencia (7.7%), Andalusia, (9.7%) and Melilla (9.9%). Aside from Melilla, residential values across Autonomous Communities have now fallen by over 25% since peak values, which in the case of Catalonia (48.5%), Castilla-La Mancha (47.4%) and Aragon (45%) exceed 45%, these being the highest figures, compared with the Balearic Islands (28.8%), Asturias (28.9%) and Extremadura (29%), where house prices have fallen least in accumulated terms. At the provincial level, the most significant interannual variations during the second quarter of the year occurred in Guadalajara (-19.1%), Barcelona (-17.7%), Cantabria (-15.7%), and Huesca (-15.6%), all being above 15%, but none above 20% as was the case in Barcelona and Avila in the previous quarter. Province with the most moderate interannual decline, meanwhile, include Ciudad Real (2.8%), Santa Cruz de Tenerife (3%), and Segovia (4.1%), where the market has remained stable. Nevertheless, no provinces has shown an increase so far this year, in spite of the slight reactivation of the market at some points on the coast over the last six months. Analysing the cumulative decline since peak prices were reached, three provinces have now fallen by over 50%: Guadalajara (52.3%), where the current index shows values similar to those reached at the end of 2002, Toledo (51.1%) with a level today that is similar to that in the first quarter of 2003, and Barcelona (50.6%), with figures comparable to the end of 2002. At the other end of the spectrum are the provinces with the lowest accumulated decline since the start of the crisis, such as the autonomous city of Melilla (14.4%), and the provinces of Orense (12.2%), Zamora (20,3%), Teruel (24.4%) and Caceres (24,6%). 2
research IMIE Local Markets AUTONOMOUS REGIONS SUMMARY MAP 17 REGIONS Variation -12,9% 1.356-10,6% 1.254-10,2% 1.392-12,8% 1.146-15,7% 1.407-13,7% 1.334-13,9% 1.227-5,0% 1.261-11,6% 1.191-12,0% 1.123-7,7% 1.526-15,2% 1.301-5,1% 1.633-9,7% 1.586-13,9% 1.534-5,3% 1.164-9,9% 1.722 Variation, decline in line with the national average Variation, decline higher than the national average Variation, decline lower than the national average 3
Second Quarter Index 2013 GALICIA IMIE INDEX n.d -14,6% A Coruña Lugo Pontevedra -8,4% Orense -7,0% Index T2 2013 Variation Cumulative Variation A Coruña Lugo *Orense Pontevedra Galicia 1.231 d.n 1.229 1.464 1.356-14,6% d.n -7,0% -8,4% -12,9% -31,7% d.n -12,2% -27,7% -29,8% d.a: data not available *Provisional data Galicia 4
research IMIE Local Markets A CORUÑA -14,6% 1.231 Galicia A Coruña LUGO d.n data not available d.a Galicia Lugo ORENSE -7,0% 1.229* Galicia Orense PONTEVEDRA -8,4% 1.464 5 Galicia Pontevedra
Second Quarter Index 2013 ASTURIAS IMIE INDEX -10,6% Principado de Asturias Index T2 2013 Variation Cumulative Variation Asturias 1.254-10,6% -28,9% Asturias 6
research IMIE Local Markets CANTABRIA IMIE INDEX -15,7% Cantabria Index T2 2013 Variation Cumulative Variation Cantabria 1.407-15,7% -32,6% Cantabria 7
Second Quarter Index 2013-5,0% LA RIOJA IMIE INDEX La Rioja Index T2 2013 Variation Cumulative Variation La Rioja 1.261-5,0% -42,7% La Rioja 8
research IMIE Local Markets NAVARRE IMIE INDEX -12,0% Navarra Navarre Index T2 2013 Variation Cumulative Variation Navarra 1.123-12,0% -38,4% Navarre 9
Second Quarter Index 2013-11,4% Leon León Palencia -12,9% Burgos -13,0% CASTILLA y LEON IMIE INDEX -10,1% -10,1% n.d Zamora Valladolid Soria Segovia -7,2% Salamanca -4,1% Avila n.d Index T2 2013 Variation Cumulative Variation Avila Burgos Leon *Palencia Salamanca Segovia Soria Valladolid *Zamora Castilla y Leon d.n 1.010 1.198 1.385 1.293 1.338 d.n 1.206 1.487 1.146 d.n -13,0% -11,4% -12,9% -7,2% -4,1% d.n -10,1% -10,1% -12,8% d.n -36,6% -26,1% -28,9% -28,1% -31,3% d.n -35,9% -20,3% -34,7% d.a: data not available *Provisional data Castilla y Leon 10
research IMIE Local Markets AVILA d.a data not available d.a Castilla y Leon Avila BURGOS -13,0% 1.010 Castilla y Leon Burgos LEON -11,4% 1.198 Castilla y Leon Leon 11
Second Quarter Index 2013 PALENCIA -12,9% 1.385* Castilla y Leon Palencia SALAMANCA -7,2% 1.293 Castilla y Leon Salamanca SEGOVIA -4,1% 1.338 Castilla y Leon Segovia 12
research IMIE Local Markets SORIA n.a Dato no disponible n.a Castilla y Leon Soria VALLADOLID -10,1% 1.206 Castilla y Leon Valladolid ZAMORA -10,1% 1.487* Castilla y Leon Zamora 13
Second Quarter Index 2013 ARAGON IMIE INDEX Huesca -15,6% -12,2% Zaragoza Teruel -7,0% Index T2 2013 Variation Cumulative Variation Huesca *Teruel Zaragoza Aragón 1.414 1.483 1.161 1.191-15,6% -7,0% -12,2% -11,6% -41,9% -24,4% -47,7% -45,0% *Provisional data Aragon 14
research IMIE Local Markets HUESCA -15,6% 1.414 Aragon Huesca TERUEL -7,0% 1.483* Aragon Teruel ZARAGOZA -12,2% 1.161 Aragon Zaragoza 15
Second Quarter Index 2013 CATALONIA IMIE INDEX -12,5% Gerona Lerida -11,4% Barcelona -17,7% Tarragona -12,1% Index T2 2013 Variation Cumulative Variation Barcelona Gerona Lerida Tarragona Catalonia 1.242 1.571 1.371 1.396 1.301-17,7% -11,4% -12,5% -12,1% -15,2% -50,6% -44,4% -41,8% -47,4% -48,5% Catalonia 16
research IMIE Local Markets BARCELONA -17,7% 1.242 Catalonia Barcelona GERONA -11,4% 1.571 Catalonia Gerona LERIDA -12,5% 1.371 Catalonia Lerida TARRAGONA -12,1% 17 1.396 Catalonia Tarragona
Second Quarter Index 2013 MADRID IMIE INDEX -13,7% Madrid Index T2 2013 Variation Cumulative Variation Madrid 1.334-13,7% -41,9% Madrid Region 18
research IMIE Local Markets Castellon Castellón -6,2% COMUNIDAD VALENCIANA IMIE INDEX -7,5% Valencia Alicante -10,6% Index T2 2013 Variation Cumulative Variation Alicante Castellon Valencia Comunidad Valenciana 1.293 1.626 1.621 1.526-10,6% -6,2% -7,5% -7,7% -41,1% -39,6% -41,9% -41,1% Valencia Region 19
Second Quarter Index 2013 INFORME 4º TRIMESTRE 2012 ÍMIE ALICANTE -10,6% 1.293 CASTELLON -6,2% 1.626 VALENCIA -7,5% 1.621 20
IMIE Local Markets research INFORME 4º TRIMESTRE 2012 ÍMIE -19,1% Guadalajara CASTILLA-LA MANCHA IMIE INDEX -14,0% Toledo Cuenca -13,4% -2,8% Ciudad Real Albacete -10,4% Index T2 2013 Variation Cumulative Variation Albacete Ciudad Real *Cuenca Guadalajara Toledo Castilla - La Mancha 1.532 1.317 1.123 1.252 1.214 1.227-10,4% -2,8% -13,4% -19,1% -14,0% -13,9% -31,5% -27,7% -42,2% -52,3% -51,1% -47,4% *Provisional data Castilla-La Mancha 21
Second Quarter Index 2013 INFORME 4º TRIMESTRE 2012 ÍMIE ALBACETE -10,4% 1.532 Castilla-La Mancha Albacete CIUDAD REAL -2,8% 1.317 Castilla-La Mancha Ciudad Real CUENCA -13,4% 1.123* Castilla-La Mancha Cuenca 22
research IMIE Local Markets GUADALAJARA -19,1% 1.252 Castilla-La Mancha Guadalajara TOLEDO -14,0% -4,7% 1.214 Castilla-La Mancha Toledo 23
Second Quarter Index 2013 INFORME 4º TRIMESTRE 2012 ÍMIE -7,5% EXTREMADURA IMIE INDEX Caceres Cáceres Badajoz -11,2% Index T2 2013 Variation Cumulative Variation Badajoz Caceres Extremadura 1.457 1.358 1.392-11,2% -7,5% -10,2% -31,2% -24,6% -29,0% Extremadura 24
research IMIE Local Markets BADAJOZ -11,2% 1.457 Extremadura Badajoz CACERES -7,5% 1.358 Extremadura Caceres 25
Second Quarter Index 2013 INFORME 4º TRIMESTRE 2012 ÍMIE -9,4% -10,7% ANDALUSIA IMIE INDEX -5,0% Cordoba Córdoba Jaen Jaén Huelva Sevilla -10,1% Granada -8,6% Almeria Almería -9,1% Cadiz Cádiz Malaga Málaga -13,2% -5,5% Index T2 2013 Variation Cumulative Variation Almeria Cadiz Cordoba Granada Huelva Jaen Malaga Sevilla Andalucía 1.331 1.763 1.639 1.468 1.729 1.562 1.321 1.669 1.586-5,5% -9,1% -9,4% -8,6% -5,0% -10,7% -13,2% -10,1% -9,7% -42,6% -36,3% -36,6% -31,1% -35,5% -29,7% -47,1% -36,6% -37,8% Andalusia 26
IMIE Local Markets research INFORME 4º TRIMESTRE 2012 ÍMIE ALMERIA -5,5% 1.331 Andalusia Almeria CADIZ -9,1% 1.763 Andalusia Cadiz CORDOBA -9,4% 1.639 Andalusia Cordoba GRANADA -8,6% 1.468 Andalusia Granada 27
Second Quarter Index 2013 INFORME 4º TRIMESTRE 2012 ÍMIE HUELVA -5,0% 1.729 Andalusia Huelva JAEN -10,7% 1.562 Andalusia Jaen MALAGA -13,2% 1.321 Andalusia Malaga SEVILLA -10,1% 1.669 Andalusia Sevilla 28
IMIE Local Markets research INFORME 4º TRIMESTRE 2012 ÍMIE MURCIA REGION IMIE INDEX Murcia -13,9% Index T2 2013 Variation Cumulative Variation Murcia 1.534-13,9% -39,6% Murcia Region 29
Second Quarter Index 2013 INFORME 4º TRIMESTRE 2012 ÍMIE -3,0% CANARY ISLANDS IMIE INDEX S. C. de Tenerife -8,0% Las Palmas Index T2 2013 Variation Cumulative Variation Las Palmas Santa Cruz de Tenerife Canary Islands 1.166 1.148 1.164-8,0% -3,0% -5,3% -36,3% -29,0% -32,7% Canary Islands 30
IMIE Local Markets research INFORME 4º TRIMESTRE 2012 ÍMIE LAS PALMAS -8,0% 1.166 Canary Islands Las Palmas SANTA CRUZ DE TENERIFE -3,0% 1.148 Canary Islands Santa Cruz de Tenerife 31
Second Quarter Index 2013 INFORME 4º TRIMESTRE 2012 ÍMIE BALEARIC ISLANDS IMIE INDEX -5,1% Index T2 2013 Variation Cumulative Variation Balearic Islands 1.633-5,1% -28,8% Balearic Islands 32
IMIE Local Markets research INFORME 4º TRIMESTRE 2012 ÍMIE CEUTA IMIE INDEX n.d NR Ceuta Index T2 2013 Variation Cumulative Variation Ceuta d.n d.n d.n d.a: data not available Ceuta 33
Second Quarter Index 2013 INFORME 4º TRIMESTRE 2012 ÍMIE MELILLA IMIE INDEX Melilla -9,9% Index T2 2013 *Melilla 1.722 Variation -9,9% Cumulative Variation -14,4% *Provisional data Melilla 34
research IMIE Local Markets Autonomous Regions Year-on-Year Variation Galicia Asturias Cantabria La Rioja Navarre Castilla y Leon Aragon Catalonia Madrid Region Valenciana Region Castilla-La Mancha Extremadura Andalusia Murcia Region Canary Islands Balearic Islands **Ceuta *Melilla -16,0% -14,0% -12,0% -10,0% -8,0% -6,0% -4,0% -2,0% 0,0% 35 *Datos provisionales **Data not available
Second Quarter Index 2013 INFORME 4º TRIMESTRE 2012 ÍMIE Provinces Year-on-Year Variation Albacete Alicante Almería **Avila Badajoz Baleares Barcelona Burgos Caceres Cadiz Castellon Ciudad Real Cordoba Coruña (A) *Cuenca Girona Granada Guadalajara Huelva Huesca Jaen Leon Lleida La Rioja **Lugo Madrid Málaga Murcia Navarra *Orense Asturias *Palencia Las Palmas Pontevedra Salamanca Santa Cruz de Tenerife Cantabria Segovia Sevilla **Soria Tarragona *Teruel Toledo Valencia Valladolid *Zamora Zaragoza **Ceuta *Melilla -20,0% -18,0% -16,0% -14,0% -12,0% -10,0% -8,0% -6,0% -4,0% -2,0% 0,0% *Datos provisionales **Data not available 36
IMIE Local Markets research INFORME 4º TRIMESTRE 2012 ÍMIE NOTES ON METHODOLOGY The IMIE Local Market indices are produced using information from Tinsa's databases that, with nearly four million valuation records, represent more than 25% of the valuations carried out in. It is undoubtedly the largest database in the sector. The data is collected daily by a group of more than 1,200 specially qualified experts (architects and technical architects) across the whole of the Spanish market. The diligence with which this data is collected makes it far more reliable than content from other sources, provided by non-experts. Valuations are carried out in accordance with the Bank of regulations established in Order ECO/805/2003 of 27 March. The valuation reports are completed via an IT application specifically developed by the company, which enables the data collected in the reports to be captured and consolidated in a controlled way, making it easier for information to be subsequently used in a uniform and recurrent way. Each report received undergoes a thorough quality control before being sent to the client, carried out by a team of more than 100 technical staff with extensive experience in the type of property concerned. The indices used, in line with the General and Major Markets IMIEs, are the moving average Laspeyres indices. Their main features are as follows: Variable measured: price per square metre constructed of finished free-market housing. Frequency: quarterly. Geographical area: the whole of, except the Basque Country, where Tinsa does not yet have enough information to be able to obtain a representative cross-section of the market. Coverage: all finished free-market housing valuations made by Tinsa via the comparison method and for mortgage-related purposes. Base year: 2001, with a value equal to 1000. In relation to how properties are classified, two main characteristics, location and type, are taken into account. For the first characteristic, each provincial market has been divided into zones, firstly the urban areas depending on the size of the population area studied (number of inhabitants) and secondly based on the influence that some locations are subject to, due to their proximity to other main urban areas (areas of influence). Similarly, areas closely associated with the second home segment have been considered (coast, mountains, remote areas, etc.) as well as those in a rural environment, with a smaller and less volatile market. In these areas we have endeavoured to maintain the administrative divisions of the districts themselves wherever possible. In terms of classification, properties have been segmented by type (houses, blocks of flats), the state of repair of the property (which naturally implies the age of the building and any renovations) and their functionality (principally the number of bedrooms). The different segments of each local market begin to emerge through the interaction of these classifications, also called key groupings. Each of these has a weighting within the province, according to the number of valuations made in the key grouping during the last year. The weighted aggregation of the key groupings in each province provides the provincial index. The weighted aggregation of the provinces provides the index for each autonomous region. * Some provinces have recorded a low level of transactions and the data is therefore considered as provisional, only becoming definitive when the historical series consolidates. The affected provinces are: Cuenca, Lugo, Orense, Palencia, Soria, Teruel, Zamora, Ceuta and Melilla. 37
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