The latest figures from the Department of Housing show prices fell 3.5pc in nominal terms last year. In real terms average prices were down 6.5pc.
As you can see from the graph above, price declines have been decelerating since Q2 2009, when they reached -8.3pc.
As a result, prices have now fallen 13.1pc peak-to-present, and by as much as 20pc in popular tourist destinations like Alicante province (Costa Blanca), home to a large stock of holiday-homes.
The problem with the Government’s data is it tends to understate price falls, which have been more like 30pc or more (peak-to-present) in coastal regions like the Costa Blanca and the Costa del sol.
When you take into account consumer price inflation, real price falls have been heavier than headline-figures suggest. After inflation, average Spanish home values fell by 6.5pc last year, and by almost 9pc in Alicante (Costa Blanca), 6.5pc in Malaga (Costa del Sol), and 9pc in Madrid.
The table below shows price data from the Department of Housing for selected regions.