The number of real estate transactions carried out in Spain in July dropped by 2.5 per cent, compared to the same month a year earlier.

However, the latest figures published by the country's Instituto Nacional de Estadistica (INE) revealed property transfers were up by 3.9 per cent in the same 12-month period.

Urban properties in Spain were most sought after by buyers in July, with 86.5 per cent of all sales for assets in towns or cities.

According to recent research released by Tinsa, the value of homes in Spain's major cities declined by 13.4 per cent in the year to August.

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