The price of Land in Spain fell to 251 Euros/m2 in March, a 7.7% drop compared to the same period last year, the Ministry of Housing has revealed. Land prices have now fallen for 3 consecutive months, and as far as the official statistics are concerned, are falling faster than house prices. The average cost of land in Spain is now back to where it was at the end of 2004.

Along with falling prices, the market for land has also been shrinking. Then number of transactions of land in the first quarter of the year fell by 31% compared to the same period last year.