Overall Spanish residential property prices are continuing to fall but there is some light as the declining value of re-sale real estate appears to be slowing, according to the latest published figures.

Data from the National Institute of Statistics (INE) show that prices for new properties fell by 3.9% in the second quarter of the year and are now down 7.7% over 12 months.

But prices for resale property bucked their downward trend for the first time since the INE starting publishing its index, with prices falling by less in the second quarter than in the first.

Prices were down 12.5% in the first three months of the year and that slowed to 11.2% in the second three months.

The index also shows that areas of Spain that are popular with foreign real estate investors such as Andalucia and Murcia have not been the hardest hit this year.

It is places like Catalonia, Madrid and the Basque Country where prices rose the most that have seen the biggest price declines.

But these so-called official figures need to be taken with a pinch of salt according to Spanish property experts Mark Stucklin.

This entry was posted on Monday, October 12th, 2009 at 8:07 pm and is filed under LoftyVistas, Real Estate in Spain. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.