According to figures from the EU statistical office, the prices of properties in Spain fell by 15.2 per cent in the third quarter of last year, the largest drop by any EU nation.
The country’s market still remains attractive to many investors in terms of being able to secure properties for a reasonably low price, with a decrease of 1.9 per cent seen in the quarter when compared to the same period in 2011.
What’s more, the figures from earlier in 2012 suggest there has been a pattern growing for a reduction in value over the year.
In the second quarter of last year, there was a recorded drop of 14.4 per cent, while in the preceding quarter the fall was 12.5 per cent.
In terms of quarters, Spain’s prices were found to be down, on average, by 3.7 per cent in the third quarter of last year, which is above the average decline of 0.7 per cent across the Eurozone.
It was only bettered by the 4.2 per cent and 3.7 per cent figures seen in Romania and the Netherlands, respectively.
A statement released with the figures read: “The evolution of housing prices is important for the purposes of our economy and monetary policy, particularly to monitor macroeconomic imbalances and risk exposure of the financial sector and is relevant to households, to measure changes in prices the largest component of spending and household wealth.”
Interestingly, the country with the largest price increases in the third quarter of 2012 was Estonia, which had a rise of 8.4 per cent.
Next up is Luxembourg with 7.1 per cent, while Finland was up 2.1 per cent.
In terms of reductions, Ireland, the Netherlands and Portugal experienced big reductions alongside Spain.