Spanish property sales show sharp drop - 19 June 2009
Saturday, June 20, 2009 @ 10:50 AM
Figures released by the Spanish Ministry of housing have shown that only 484 properties were sold to foreign nationals in the first three months of 2009, illustrating the depth of the property downturn on the Iberian peninsular. The figures, which indicate a sharp drop in the properties sold to foreigners, also illustrate the overall housing situation in Spain.
Overall, the amount of property sold in Spain dropped by 34 per cent in the first quarter of 2009 when compared to the same period in 2008. Compared to the final three months of 2008, property sales are also down by some 16 per cent to 104,703.
The split of new build property sold to resales was 58,993 new builds to 45,710 resales, but as the number of new build properties delivered to market begins to slow as a result of there being so few new projects started, the number of resales will outstrip the number of new builds.
Regional figures show that property on the Spanish Islands was the hardest hit in terms of a drop in the volume of property sold. The Balearic Islands suffered a 43 per cent drop in transactions and the number of properties sold in the Canaries fell by 39 per cent.
The two other main Costas also fared badly, as the Valencian region, where the Costa Blanca is located, saw 37 per cent fewer properties sold. The region of Andalucia, containing the Costa del Sol and Costa Almeria, suffered a 34 per cent fall.