The cost of housing fell the most in the southern provinces of the country (by 14.2%), in large cities (by an average of 10%), on the Canary and Balearic Islands (by 9%).
As reported by RIA Novosti, in 2007 Spain saw a stable increase in housing prices (by 3.6%), which continued in January (2.6%) and February (0.7%) of 2008. However, starting from March 2008, the cost of residential real estate in the country began to decline, reaching its maximum drop in December of last year.