House prices in Spain decreased by an average of 3.7% in the 12 months from October last year to September this year, according to a report by the Spanish Ministry of Housing.
According to the Ministry, the average cost of housing in Spain at the end of September amounted to 1,832 euros per sq. m., which is 12.8% lower than the peak pre-crisis values. The decline in prices is especially noticeable in resort regions such as Alicante and Malaga, where house prices have fallen 20% below their peak values.
Recently published The Tinsa housing price index generally confirmed the official data, stating a decrease in the cost of housing by 5%. However, experts doubt the reliability of both official and Tinsa data, believing that in reality the decline in prices for Spanish real estate is even more significant.