Spain to launch new property index

Spain is to launch a new property index amid suggestions that existing methods of tracking house prices are not adequate.

The Statistics Institute is to produce a new quarterly index which will run in addition to the existing housing ministry figures, reports Reuters.

Such a move has occurred after suggestions that the government figures are not accurate enough when it comes to tracking price falls.

The new data is likely to be published monthly and may be published alongside Spain's European Union-harmonised inflation figures, the Statistics Institute said.

Should it provide a more reliable method of tracking prices, the system could also help provide useful information on when prices start to rise again, helping those making investment decisions.

Those looking to invest on the Costa del Sol will be able to take advantage of a wide range of choice due to the surplus of supply the region is currently experiencing, Spanishhotproperties.com has stated.