Spanish Property Prices in Steep Decline

 

Earlier today the National Institute of Statistics (INE) reported how house prices declined by a 6.8% annual pace over the second quarter of the year, representing the biggest decline in more than 12 months, indicating how the troubled construction sector is continuing to hold back any signs of recovery in the country's ailing economy.

House prices were down 4.1% in the previous quarter, significantly higher than the decreases seen throughout 2010 - which never fell below 3% per quarter.

Spanish property prices currently stand at 23.5% below their peak prices before the market crashed in the final quarter of 2007.