Spanish Property Prices Down 23.5 Pct on 2007

 

Spanish property prices fell even further during the month of August, with a 6.8% decline on the same period last year.

This represented the third consecutive month of falling prices, and means that the country's average prices now stand at 23.5% below the peak prices of Q4 2007.

Prices fell by the most in the regional capital cities and on the Mediterranean Costas, where the decline was in excess of 7%.

Property prices in Spain's cities now stand at 25.6% below the 2007 peaks, 23.4% in urban areas and by 21.1% in the Balearics.

With the total number of unsold properties numbering and estimated 900'000, property prices are expected to fall further still before a recovery in the market will be seen.