Property prices on the coast fell 14pc in April, according to leading appraisal company Tinsa
Spanish house prices fell 12.5pc over 12 months to the end of April, according to the Tinsa House Price Index.
Prices on the coast, where most holiday-homes are located, fell 13.7pc, whilst prices on the Canary and Balearic Islands fell 12.3pc.
April saw the biggest falls in house prices in all areas since the crash began back in March 2008, when prices began falling according to Tinsa’s index.
Peak to present, prices have now fallen 30pc in general, 37pc on the coast, and 27pc on the islands.
You can see from the chart above that prices originally fell fast at the start of the crisis, but then appeared to recover as banks manipulated the market keeping prices artificially high. Now prices are accelerating down again as the banks come unstuck, in large part for failing to deal with their property problems in the first place.