Spanish property value continues to drop

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According to the National Institute of Statistics (INE) the average price of a home in Spain fell by 14.4% during the second quarter of 2012 compared with same period a year earlier. Resales were down 15.7% while new build homes dropped by 12.8% during the same period. The Canary Islands, Castile and Leon showed the biggest drops of  around 14% .

At the same time, according to figures released by the Ministry of Development, 9,502 Spanish properties were bought by overseas investors during the second quarter of this year, representing a 12% rise (the highest figure since 2008). Alicante, followed by Malaga, Barcelona, Tenerife and the Balearic Islands remain the most popular locations.

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