Residential property prices in Spain continued their downward trend in the second quarter, signaling a further deterioration of the housing market that collapsed five years ago. House prices recorded a 2.4 percent sequential fall in the June quarter, data released by the Public Works ministry showed Friday. Compared to the second quarter of last year, property prices decreased by 7.6 percent. The average price per square meter of housing in the country decreased 2.4 percent on a quarterly basis to EU1481.7 euros during the second quarter. The value has fallen a cumulative of 29.5 percent since the first quarter of 2008 when it reached the peak. The Bank of Spain yesterday said that bad loans held by Spanish banks increased further in May and reached close to the record highs seen towards the end of last year, signaling that recession-stricken economy is yet to recover from its long-drawn credit crisis.
Posted on: Mon, 22 Jul 2013 03:26:11 +0000
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