Spanish property prices 'continue to fall'

The latest figures published by Tinsa in its General IMIE Index revealed the value of property in Spain continued to slide in January.

According to the organisation, the cost of buying a home in the nation fell by an average of 6.6 per cent year-on-year, although there were disparities between different regions.

Capitals and major cities registered the biggest decline - hitting 8.7 per cent - closely followed by the Mediterranean coast, where real estate shed 8.1 per cent of its value.

Meanwhile, the Balearic and Canary Islands' property markets held up best, with assets here selling for 3.1 per cent less than they did at the beginning of 2011.

Across the country, property prices now stand exactly 25 per cent lower than they did at their high point in December 2007.

However, there are indications the market is beginning to improve, with sales and marketing manager at Taylor Wimpey de Espana Marc Pritchard recently highlighting the uptick in investment from overseas buyers.

He cited data from the Bank of Spain, which revealed there was a 19.1 per cent increase in the amount of money ploughed into the country's property sector by international investors in the third quarter of 2011, compared to the same period in 2010.

Like this? Then share with your friends and colleagues!