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The Bank of Spain yesterday estimated that the prices of residential properties would continue to decline for a further 2 years as the property market adjusts to an over-supply of houses built during the lead up to the collapse of the property market in 2008.
The Bank of Spain's Head of research, José Luis Malo de Molina addresed a seminar for the property industry yesterday, telling delegates "The correction in prices has still to run its course."
According to official figures, house prices have fallen an average 15.4% in nominal terms since the first quarter of 2008 and 20% after taking into account the impact of inflation.
