Bank of Spain warns of further house price falls
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House prices in Spain continue to trend downwards. Weak demand, massive oversupply of housing, record high unemployment, low consumer confidence, and a struggling economy are among the factors that prevent a full recovery from taking place.
On an annual basis, house prices were down 4.46% in February 2011, according to the valuers TINSA, or 1.92% down on the quarter, after a meagre increase of 0.01% q-o-q to November 2010. When adjusted for inflation, prices actually dropped by 7.77% during the year to February.
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