Fresh data released by Tinsa reveals that the pace in which Spain property prices are declining has picked up speed in the past two months, suggesting that the market has far from bottomed out, following a turbulent three years.
According to Tinsa, property prices in Spain have depreciated by over 20 per cent since their peak in August 2007. However, some Spain property market commentators believe that residential property prices, in real terms, have fallen by up to 60 per cent across some parts of the country, since the market crashed.
Tinsa's data conflicts with official figures released by the National Institute of Statistics (INE) last week, which suggest that Spain property prices rose for the first time in three years during the second quarter of 2010.
INE's dubious statistics claim that average Spain property prices at the end of June were 1.6 per cent higher than at the end of March. Over 12 months, however, prices are still down, by just 0.9 per cent.
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