House prices in Spain fall

The value of residential property in Spain slid in the final quarter of 2011, according to new research.

Global Property Guide has published its worldwide housing market statistics for the final quarter of last year, revealing real estate in Spain saw 2.86 per cent wiped off its value in the last three months of 2011, compared to the period between July and September.

Meanwhile, the annual figures showed property prices in Spain fell by 9.27 per cent between the fourth quarter of 2011 and the same timeframe in 2010.

Only Athens in Greece, Warsaw in Poland and Ireland saw greater annual declines in residential real estate prices over the course of last year.

Last week, one property expert advised investors to consider the merits of purchasing distressed property in Spain.

Director of International Property Success Jon Ainge explained banks are more willing to lend on this kind of asset, as they want to reduce their exposure to the country's real estate sector.