Building land prices, which were the main driver behind the housing bubble in Spain, fell by an additional 21% last year to a national average of €148sqm, which is the lowest level on record, according to data from the Ministry of Public Works (Fomento).

Building land transactions fell 2.4% in 2013 to 14,555 and from the peak of the market to present land prices have fallen 48%, from an average of €285sqm, according to Fomento.

The most expensive land prices at the end of last year were in Barcelona (€448sqm), Granada (€443sqm) and Madrid (€391sqm). Valencia was one of the cheapest cities with land costing just €146sqm, according to the report in Spanish Property Insight.