BBC News confirm Spanish housing slump

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30 Sep 2008 12:00 AM by johnfozard Star rating. 143 forum posts Send private message

Spanish house sales drop sharply

Spanish buildings under construction
Spain's 10-year property boom has turned to bust this year

Spanish house sales slumped by 26.3% in the year to July, according to official figures.

Mortgage lending plunged by 33.2% to 10.2bn euros ($14.9bn; £8.1bn), said Spain's National Statistics Institute.

The credit crunch has led to a property slump in Spain and many economists say it is on the verge of recession.

The property market has been the main driver of economic growth over the past decade, but analysts say Spanish house prices are still up to 30% overvalued.

Property slump

The July figures were slightly better than those for June, when the year-on-year declines for both house sales and mortgage lending were even steeper.

Spanish house prices declined 0.3% between April and June, according to official figures from the country's housing ministry.

However, estate agents estimate prices have slipped by about 5% this year.

Next month Spain will launch a new house price index, which will be an alternative to current housing ministry statistics which analysts have criticised for not accurately reflecting the property market slump.




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01 Oct 2008 10:15 AM by Philmel Star rating. 214 forum posts Send private message

Spanish figures are rubbish - sorry. That's why they are going to change the way sales etc.. are calculated via Notaries.  Hmm !! see last para of article.
Where do the estate agents get that figure from !

Property has gone down by nearer 30 - 35 % now.

Much earlier in the year they were down 20%

They just try to big it up for the media to try and reduce the severe impact.




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01 Oct 2008 11:40 AM by jackb Star rating. 201 forum posts Send private message

An agent emailed me today.....a front line 2bed new app on Mojacar beach that
I looked at in July ,  down from 189.000e reduced to 140.000e a drop of almost
25%..........what chance of Huma got of selling out the oasis wilderness club!!!!!


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