Pain in Spain goes on as prices fall
THE fall in Spanish property prices shows no sign of stopping.
The latest data produced by the Housing Department in Spain shows that the average price of a home fell by 8.3 peer cent last month compared with the same month in 2011.
According to the index, Spanish property prices have fallen by 23.5 per cent, on average, since the peak of the market in 2007.
Some Spanish property commentators say that these figures are conservative and underestimate falls in property values in the country.
Research by Barcelona-based Universitat Pompeu Fabra (UPF) shows that the average price of a home in Spain deprecated by 41.7 per cent between 2006 and 2011.