There is some hint of stabilisation in the Spanish residential property market as prices fell -5.5% nationally in the 12 months to February 2010 which was the same figure recorded in January 2010, according to Tinsa.

Tinsa believes that since the peak of the market in December 2007, prices have fallen nationally by -15.7% and by -22% on the Mediterranean coast and -16.8% in the Canaries and the Balearics.

Prices on the coast had improved in the four consecutive months since September 2009, however they decreased by -8.2% in the 12 months to February 2010 and by -8.9% in the Canaries and the Balearics.

Whilst prices only fell -4% in Metropolitan areas and by -3.8% in other municipalities, they decreased by -5.9% in the major cities and Capitals.

Government figures show that there were 413,112 transactions in 2009, a fall of -19% compared to 2008 and down -46% on 2007. Even the sales in Q4 were down -33% compared to the same period in 2007.