House prices fell for the sixth year running, according to the official House Price Index.

Spain’s official House Price Index, published by the National Institute of Statistics, based on data from the Notaries, fell by 7.8pc in 2013, the sixth consecutive year of declines.

The annualised declines of 2013 were an improvement on the year before, when house prices plunged -12.8pc. The data seems to suggest that the crash in property values is starting to peter out after six grinding years of falls.

New build house prices fell 8pc, and resales by 7.7pc.

On a quarterly basis, house prices fell 1.3pc in the last quarter.

Spanish house prices were slow to decline once the bubble burst, compared to other countries like the US, Ireland, and Dubai, but then went on to fall for longer. Prices are still declining in Spain, having bounced back in the US and Dubai.