New build property prices in Spain’s provincial capitals fell by 6.6% over 12 months to December, according to figures from Sociedad de Tasacion, one of Spain’s largest appraisal companies. At the same time last year prices had just risen by an annualised 5%.

The average prices for property in Spain’s cities now stand at 2,712 Euros per square metre, or 271,200 Euros for a typical flat of 100m2, down from 289,434 Euros a year ago. This is the biggest fall on record for figures from Sociedad de Tasacion. Even so, prices are still more than 8 times higher than they were in 1985.

Average new build prices fell in all Spanish provincial capitals during 2008. Prices fell by more than 7% in 10 provincial capitals, by between 5% and 7% in 22, and by 0% and 5% in 18.

The biggest falls were in Almeria (-11.9%), Vitoria (-10.5%), and Las Palmas de Gran Canaria (-9.6%).

The cheapest properties are located in Pontevedra and Lugo (Galicia), and Badajoz (Extremadura). The most expensive in Barcelona, San Sebastian, and Madrid.