The Tinsa House Price Index (IMIE) has revealed that property prices (resale and new-build) decreased by 3% between December 2013 and December 2014.

That compares favourably to the previous year, when average property in Spain declined by 9.2% in value, according to Tinsa, one of Spain’s biggest valuation companies.

The index now stands at 1,343 points, the same as it was in July 2003, in the early stages of Spain’s disastrous property boom. Peak to trough, Spanish property prices have fallen 41.2% since 2007.

The five areas analysed by Tinsa (‘Capitals and Large Cities’, ‘Metropolitan Areas’, ‘Mediterranean Coast’, ‘Balearics and Canaries’ and ‘Other Municipalities’) all showed a sharp reduction in the rate of price declines last year.

‘Metropolitan Areas’ stood out with a year-on-year adjustment of just 0.2% in December, compared to -11.5% in 2013. In the ‘Balearics and Canaries’ prices fell 2% last year, not far off the 3.2% registered in 2013.

On the other hand, the 2.8% year-on-year decrease in provincial capitals and large cities was considerably below the drop of 11% seen in 2013.

The biggest adjustments in the last 12 months took place in ‘Other Municipalities’ (down 4.7% in the year) and in the ‘Mediterranean Coast’ (down by 4.5%).