HOUSE prices are still significantly above the historical average for Spain, according to the International Monetary Fund.
Data published in the IMF quarterly Global Housing Watch report shows that prices are still standing at 15% above the average, according to the House Price-to-Income ratio.
This ratio is calculated by dividing the average price of housing in the area, by the disposable income of households.
Japan has the cheapest housing in relation to the income of its population, closely followed by South Korea.
In contrast, France in under the watch of the IMF for its high housing prices, with Belgium, Australia and Canada also recording very expensive housing in relation to income.