The price of Spanish property in coastal areas where holiday-homes are concentrated fell 9.5pc over 12 months to the end of July, according to the monthly house-price index published by Tinsa – one of Spain’s leading appraisal companies.

The index shows that, nationwide, average prices fell 6.4pc in a year, a slight improvement on the 6.6pc fall in June. The index is based on Tinsa’s own valuations, so it is subject to bias.

The news from the coast is more depressing, showing a clear double-dip in prices. A year ago prices were only falling by 5pc, now they are falling by almost double that.

But the picture from The Balearics and The Canaries, which are also popular destinations with holiday-home and expat buyers, is better, at least from the vendor’s perspective. Prices in July were only 2.5pc lower than a year before, a big improvement on the 7pc annualised fall in June. The improvement could, however, just be a reflection of flaws in Tinsa’s index.