Residential Spanish property prices fell by 8.3% over 12 months to the end of September, according to the latest Spanish property price index published by Tinsa, one of Spain’s leading appraisal companies.

Nationally, prices are not falling as fast as they were, which may mean the market has touched bottom. It certainly looks that way from the graph above. Then again, this might just be a temporary pause before prices start accelerating downwards again.

After all, that’s what has happened to property prices on the coast. After stabilising in July and August they lurched lower again in September, falling 11.5% over 12 months, the highest fall of all the regions analysed by Tinsa.

And, as I always point out, you can’t take this index too seriously. It’s based on valuations, not actually transactions prices, which are what we really want to know.