Spanish property has managed to hang onto most of the capital gains it made during the boom, at least according to official figures (for what they are worth). Other Eurozone countries have fared worse.
During the boom, the only Eurozone countries that experienced higher property price inflation than Spain (+155pc) were Ireland (+172pc) and Malta (+157pc), according to a new report from the European Commission.
Since the bubble burst, Irish property prices have fallen 38pc, and Maltese property prices by 11pc. In Spain, prices are down 22pc, according to the official house price index from the Government (-24pc according to the latest Tinsa index).
That means that Spanish property has managed to hang onto around three quarters of the capital gains it made during the boom, no mean feat given the economic crisis, credit crunch, and collapse in sales (Spanish property sales down 40pc in August alone).