Government figures may say house prices are down 13pc, but Javier Sierra, President of Re/Max España, one of the biggest chains of estate agents in Spain, says prices are down by more than 30pc.

Talking to the Spanish property portal Fotocasa.es, Sierra points out that the market is made up of many different segments, and goes on to say: “In general prices have stabilised a lot, after a fall of more than 30pc, which the official statistics do not reflect. In the centre of big cities prices are already rising, although in central regions of Spain prices are still falling a bit.”