After a small bounce earlier this year, the price of urban land has lurched down to levels not seen sine before 2004, according to figures from the Government (Fomento)

Land prices fell 11.1pc to 169.60 €/m2 over 12 months to the end of September, and 20.7pc compared to Q2.

According to these official figures, at least, Spanish land values have fallen around 60pc since the peak, as illustrated by the chart above. Other sources suggest that land values in many areas have fallen by much more, and by up to 100pc (or more) in the worst affected areas.

In towns & cities of more than 50,000 inhabitants, land prices fell 26pc over 12 months.

Land market collapse

There were 3,546 land sales in Q3, 17pc less than the same period last year.

The land market has collapsed by about 85pc since 2005, as illustrated by the following graph.