Spain: Home prices continue in free fall
July 19, 2013
Home prices continue to decline, as the housing market remains depressed. In the second quarter, the general index of housing prices produced by the Ministry of Public Works dropped 7.8% year-on-year to EUR 1,485. The print was broadly unchanged from the 7.9% fall seen in the first quarter. The price per square meter fell to EUR 1,482 in Q2 (Q1: EUR 1,519), which is 29.5% below the peak of EUR 2,101 per square meter recorded in Q1 2008. The housing market should continue to adjust as the deepening recession and widespread unemployment continue to erode consumption and investment capacity.