The official Spanish House Price Index from the Department of Housing fell by 10pc in 2012, as illustrated by the chart above.
This is the first time since records began that Spanish property prices have fallen by double digits in nominal terms, at least according to the Department of Housing, part of the Ministry of Public Works (Fomento):
In real terms, after adjusting for inflation, Spanish house prices fell 12.9pc last year, and have fallen by double digits for the last three quarters.
Average national Spanish house prices are now 27pc below the peak in nominal terms, and almost exactly the same as they were in real terms 10 years ago, when the property boom was just getting going.
So even by the Government’s notoriously optimistic figures, it looks like Spanish property prices have been purged of their boomtime excesses.
House prices fell by 10pc or more last year in most of the regions popular with foreign holiday-home buyers. This table summarises house price changes for a selection of popular regions over various time frames.
Spaniards still lack economic confidence to buy homes
Falling house prices are one reason why so many Spaniards say they have no plans to buy a home this year. Expectations of lower house prices are making Spaniards wait and see.
Just 3pc of the adult population in Spain plan to buy a home this year, according to the latest consumer confidence survey by the CIS
Economic worries are the other big reason. With unemployment above 25pc and many of the rest wondering how long they will keep their jobs, Spaniards are understandably cautious about buying property