House prices in Spain’s cities have fallen by 3.8% in the last 12 months, according to new figures from Tinsa, a leading appraisal company.

After provincial capitals, the biggest falls were on the coast, where prices have fallen by 3%. In Spain as a whole, prices fell by 2.5% in the last 12 months.

Falling property prices are not the only problem besetting the Spanish property market. There is also the small matter of the stock of unsold property, which Tinsa estimates will reach 1 million homes by the end of the year.

Tinsa expects property prices to continue to fall “considerably more”.