Building land prices were the main driver behind the housing bubble, which helps explain why they have crashed so far in the bust.
Building land prices fell an additional 21pc in 2013 to a national average of 148 €/m2, the lowest level on record, according to data from the Ministry of Public Works (Fomento). Building land transactions fell 2.4pc to 14,555.
Peak-to-present, land prices have fallen 48pc from an average of 285 €/m2 in 2007, according to the notoriously unreliable data from Fomento, which tends to understate price falls.
Prices fell the most in cities of more 50,000 inhabitants, down 22pc to 285 €/m2.
The most expensive land prices at the end of last year were in Barcelona (448 €/m2), Granada (443 €/m2) and Madrid (391 €/m2). Valencia was one of the cheapest cities with land costing just 146 €/m2.