Average Spanish property prices fell by -6.8% in the first quarter of the year, compared to the same time last year, according to official figures just out from the Ministry of Housing. This is the first time since the Spanish property market downturn began that the official figures look even vaguely realistic.
On a quarterly basis, Spanish house prices fell by -3% in the first 3 months of the year, compared to a fall of -2.4% in the final quarter of 2008.
For the annual figures, there were big differences between regions, with prices falling by -10.7% in Malaga province, home to the Costa del Sol, but by just -1.1% in Extremadura.
With the exception of Malaga province, the biggest falls were to be found in ‘real Spain’, well away from the coasts where foreigners tend to buy holiday homes. Prices fell by -14.6% in Toledo (Castilla La Mancha), -12.3% in Salamanca (Castilla Leon), and -11.9% in Guadalajara (Castilla La Mancha)
The following table shows average prices per m2 and quarterly, annual and 10-year prices changes for a selection of regions popular with foreign buyers.