The price of property in Spain has fallen by an average of 5.6% over the last 12 months, according to the Official House Price Index from the country’s Department of Housing.

Prices fell the most in the Costa Dorada where they were down 9.1% followed by Madrid (down 8.5%) and Murcia (down 8.3%)

Only two regions reported price rises and even these were small - Property in Tenerife saw a price of 1.7%, while house-hunters searching in land-locked Extremadura in western Spain will see a small increase of 1%.

The falling prices come despite increased investment in many of the regions. Murcia, in particular is undergoing extensive regeneration, with a Paramount branded theme park being built, a new international airport being constructed at Corvera and the imminent arrival of the AVE train network extension looking set to boost the area’s economic and tourism prospects.