Land value represents between 40 and 60 per cent of the final value of a property and that value has dropped 14 % in the first quarter of this year in the Valencia Region

The housing ministry released figures this week  to show that prices in the Valencia Region fell by almost double that of the rest of the country, except in Cueta , Melilla and La Rioja.

Here the prices have dropped by 35 and 20.9 % respectively.

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The number of property deals involving urban land also dropped by 30% over the same period.