According to calculations published at the beginning of the month by The Economist, the price of housing in Spain has yet to finish its adjustment, as at the end of 2013 it was still 10% overvalued relative to wages available per household. However, the figure is lower than the 20% estimated at the beginning of 2013.

Property portal, Idealista.com, echoes the data produced by The Economist and says that Spain, together with Italy, leads the ranking of falling prices among the most developed countries of the world in the last year.

Their figures show that the price of housing in Spain fell by 5.3% in 2013, giving an accumulated fall of 30% over the past six years.

Italy registered a drop in prices of 5.9% last year and -12.2% since their peak. The Netherlands recorded a fall of 4.8% last year and -19.2% overall.

However, The Economist estimates that house prices should drop by another 10% in Spain and Italy and by up to 19% in the Netherlands.