Spanish property prices see large fall in Q2

Spanish property prices see large fall in Q2

Prices for real estate in Spain fell by 14,4% during the second quarter of 2012 compared with 12 months previously.

Figures from the country's National Statistics Institute (INE) also show a 3,3% quarter-on-quarter drop, in contrast with a decrease of five per cent in the first three months of the year.

The annual 14,4% fall is the steepest since the INE began recording house prices in this way in 2007.

All regions of Spain saw a drop in the second quarter, with the Canary Islands and Castile and Leon experiencing the largest decreases at 14,3 and 14% respectively.

Recent figures from Knight Frank suggested a lower rate for the decline in Spanish prices, with the firm recording an 8,3% drop in the second quarter compared with the same period in 2011.

Despite this, Spain still had the fourth lowest-performing property market among the countries assessed by Knight Frank's Global House Price Index.