Resale asking prices have fallen 8.2pc over 12 months to the end of July, according to idealista.com – one of Spain’s leading property portals.

In Euros / m2, the average asking price of resale property advertised for sale in the Idealista database now stands at 2,172 €/m2, down from 2,365 €/m2 a year ago.

On a monthly basis (30 days), prices actually rose in 4 autonomous regions, led by The Valencian Community (+0.3pc) and The Canaries (+0.2pc), both regions popular with holiday-home buyers. Prices fell the most in the northern region of Navarre (-2.6pc) – see the table below.

By autonmous region, Euskadi (The Basque Country) has the most expensive asking prices (3,418 €/m2), and Extremadura the cheapest (1,385 €/m2).

Whichever way you look at it, 8.2pc is a substantial decline in vendor expectations, and the trend suggests it will get worse for vendors before it gets better.