Spanish property prices continue their decline

Residential real estate prices in Spain have fallen by between 3.7 per cent and five per cent over the last 12 months, it has been reported.

The latest figures from the Ministry of Housing in the country combined with statistics from Tinsa show that short-term recovery in the market looks unlikely.

A lot will depend on what happens in the last three months of the year, according to Mark Stucklin of Spanish Property Insight

The news may lead to a number of property investors looking to capitalise on the large amount of distressed property which is available on the market at present.

"We have to keep in mind that it might be just a temporary anomaly lasting a few months after which prices return to an improving trend. You can never be sure with just three months of data," Mr Stucklin said.

"But more likely it shows that average Spanish property prices have still not fallen enough, and vendors are having to give more ground to find buyers."

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