April 29, 2009
Property prices in Spain fell 6.8% in the first quarter of 2009, the fastest rate of decline since records began, despite the fact that sales volumes dropped 39% over the preceding year. No surprises there – it is fair to say the data has been lagging well behind the figures for the last year or so. With unemployment in Spain pushing 20% and an average Spanish home costing around 7 times the average annual salary, we obviously have a ways to go before this correction is over.
