According to the latest Global House Price Index from Knight Frank, the cost of purchasing a home in the south European nation declined by 2.5 per cent between the first and second quarters of this year, while they are also down by 8.3 per cent on an annual basis.
This made Spain the fourth worst performing housing market surveyed by the organisation, with Ireland, Hungary and Greece the only countries to see more shaved off the value of real estate.
Many of the eurozone countries have struggled to see an improvement in their property sectors, with Kate Everett-Allen, from the company's international residential research team, pointing out that 13 of the 17 eurozone members are in the bottom half of the table.
These findings are similar to those reported by Global Property Guide last month, with the publication recording house price falls in 15 of the 22 European markets it surveys.
Among the worst affected were Ireland, Spain, Greece, Portugal and the Netherlands, all of which saw values drop by more than ten per cent year-on-year in the three months from April to June, according to the news provider's data.