The average cost of property in Spain has fallen by over 10% from June 2008 – June 2009 according to the published Spanish property price index. The figures published by the Ministry of Housing however, indicates that property prices have fallen by just 8.6% over the same period, but this does not include Spanish social housing; making both reports a good indication of the property market value in Spain today.

Property prices on the Costa del Sol have seen figures drop the most, with a staggering 12.3 percent decline, although an average price drop for new build and resale properties throughout the whole of Spain is the lesser figure of 10.1%.

The price index for the second quarter has also been published by the Spanish Ministry of Housing, suggesting that prices fell by over 8 percent in the last 12 months to the end of June this year. Prices fell just below 2 percent on a quarterly basis; the average property in Spain now costs 1,920.90 Euros.

Prices are down the least in Extremadura (-1.1 percent), rising to Catalonia (-7.2 percent), Galicia (-7.5 percent), Andalucía (-7.6 percent), The Canaries (-7.8 percent), Murcia (-8.8 percent), The Balearics (-9 percent), The Valencian Community (-9 percent), Asturias (-9.3 percent), Madrid (-9.8 percent), and prices are down the most in Cantabria (-10.1percent).