ANDALUCIAN property valuations registered the largest drop in the country during the third quarter of the year.
The average property in the region is now worth 10% less than during the same period last year, compared with the national average of 9.3%.
Properties are on average 38.1% cheaper than they were in 2007, according to Tasaciones Inmobiliarias.
Rentals also dropped 1.4% in the three months to September 2013.
Current valuations are a far cry from the record highs seen in 2007 of €8.41 per square meter per month.
Despite the general downward trend, properties in some Andalucian towns did increase in value over the period.
The largest increase was seen in Armila (3.9%), followed by Ogijares (2.9%) and Fuengirola (1.2%).