According to the latest report from Spain’s property valuations company (Tinsa), the average price of Spanish property decreased 8.9 per cent over the past twelve months (August 2008 – August 2009).

The areas hardest hit by price drops are the costas, which reached 10.3 per cent in August. After that the big cities and capitals concluded with a 9 per cent decrease.

Property prices droppping since 22 months

Spanish property portal confirms a 22-month consecutive drop in property prices. Average prices per square meter in August, according to the portal, were at 2,386 euros per square meter. This latest figure represents a 10.9 per cent year-on-year drop.