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Spanish property prices continue to fall

The price of property in Spain has continued to fall, according to figures from the Spanish government.

Values have fallen by 6.8 per cent in the first quarter of this year compared to the same time last year.

UK residents may be tempted to look to the country as a cheap solution to their own housing difficulties.

However, potential expatriates will have to weigh up the cost of moving along with additional expenses, such as international medical insurance.

The UK government is set to announce its answer to the country’s housing problems – it has been reported that the chancellor Alistair Darling will reveal a spending package devised to help the failing construction industry.

While UK prices increased – according to Rightmove’s April House Price Index Report – Spanish property declined in value by three per cent, when compared with the previous quarter.

Spanish housing minister Anunciacion Romero said that prices are undergoing an adjustment, as previously they failed to reflect the "true value" of homes.

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