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Spain's National Institute of Statistics (INE) has reported how House prices plummeted in the first quarter of this year, recording the biggest decrease since 2007, when the housing crisis first effected the country's economy.
Housing prices fell by 3.5% during the first quarter - representing 4.1% annual rate.
The massive drop is being put down to the government's elimination of tax incentives for property purchases, just one of Prime Minister José Luis Rodríguez Zapatero's austerity cuts, intended to address the widening national deficit.
The INE also explained that the increase in IVA has discouraged many buyers.
The closest drop in prices was last seen in 2008. In April of this year, figures supplied by the Public Works Ministry showed that in the first quarter of the year house prices fell by a 2.5% quarterly rate, and a 4.6% annual rate.
