Spain has spent the last few years languishing near the bottom of The Economist’s global house price rankings, getting better value with each passing year.

[one_third]
[/one_third]
[two_third_last]House prices are rising in 18 out of 23 countries tracked by The Economist’s global house price ranking (left), up from 12 out of 23 last year, suggesting buyers are bullish about property around the world.

In Spain, however, prices just keep falling. Once again, Spain was at or near the bottom of the rankings for both annual and cummulative price declines.

Cummulatively, Spanish house prices have now fallen 30pc according to data used by The Economist. Only Ireland, where house prices are now rising again, can boast bigger falls.

Compared to local rents and incomes Spanish house prices still don’t look like a bargain, but compared to other countries, by and large they look like better value.

Spanish property prices might soon represent some of the best value in all the countries ranked by The Economist, if they don’t already.

For those of you partial to a bit of nostalgia, below are the rankings from 2001, when Spain was in poll position. How times change (and will change again, let us not forget).

[/two_third_last]