Spanish house prices fall 5pc in third quarter 2008

July 21, 2009

Average Spanish property prices fell by -5.4% over 12 months to the end of 2008, according to Spain’s official House Price Index, published yesterday by the National Institute of Statistics (INE).

Having declined by only -0.3% in the second quarter, and -3% in the third, the index, known in Spain as the Indice de Precios de Vivienda (IPV), suggests that price falls accelerated towards the end of the year.

According to the INE index, resale property prices fell by -10.7% in the year, whilst new build property prices rose by 0.8%.

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