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Spanish Property Prices Fall Further In Q3
The Spanish government today reported how property prices continued to fall over Q3, heightening concerns with banks over their exposure to the real estate sector.
Spain's housing price index for the 3rd quarter of the year (July to September) dropped by 5.5% compared to Q3 2010 - the steepest rate of decline since 2009—and was down 1.3% on Q2 of 2011, according to the Ministry of Public Works.
The property market peaked in Q1 of 2008, and then entered a freefall of decline when the property buble crashed in the following quarter, bringing the biggest drop in values seen in decades.
The Ministry of Public Works reported how property prices have now fallen by 18% over the last three years. The country's banks already holds over €400 billion in loans to the construction and real-estate sector, which is secured by assets that are continually falling in value.
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