According to the latest data from the Spanish property portal Fotocasa, the price of resale property in Spain during the month of May 2009, is at 2,429 euros per square meter, which translates to an 11.1 per cent decrease over the past 12 months.

The drop is the worst drop registered since the property portal began collecting data in 2005.

With the latest figures for May, the property portal has registered 19 consecutive months with price drops in Spanish property.