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Spain’s housing market remains sluggish
Country: Spain
19 January 2009
Activity levels in Spain’s housing market fell by 37% in November 2008, compared to the corresponding month in 2007, according to according to Spain’s National Institute of Statistics (INE).
INE Figures show that 32,792 residential properties were sold in November, down from 51,753 a year ago. On a year to date basis, 11 months to September, sales are down by 33% for the country as a whole, compared to the same period last year.
The largest fall in transaction levels were recorded in Tarragona (Costa Dorada), down 54%, followed by Asturias -47%, Alicante (Costa Blanca) -46%, The Balearics -45%, Catalonia -44%, The Valencian Community -42%, Malaga (Costa del Sol) -40%, Barcelona -40%, The Canaries -36%, Girona (Costa Brava) -35%, Almeria -31%, and Murcia -19%.
Property transactions rose in Teruel +7%, and Extremadura +11%.
The Spanish property market slowdown has led to price falls across the country. The latest figures from Spain’s Ministry of Housing show that average Spanish property prices fell by 3.2% in 2008. However, the Ministry of Housing’s figures are extremely unreliable, and the reality is that the price falls have been far greater.
Browse other Spainish property news stories, read articles about investing and buying property in Spain or view our range of property in Spain.
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