Thread: House sales fall 11.5% in Spain

Thursday, June 14, 2007

The number of house sales in the first quarter of this year fell compared to the same period last year according to figures taken from the Land Register. Over the last 12 months there have been 893,000 houses or flats purchased which mean that house sales have fallen 11.5% in just one year.

The drop in house sales has been more acute for new properties and has fallen almost 16% while sales of used housing have fallen by only 8%. These figures confirm the slow down in the property market.

In the first quarter of 2007 232,000 houses or flats were purchased according to the Land Register. However, this figure is almost 23,000 less compared to the same period last year which works out at 9% less.

Figures vary according to different parts of Spain. Over the last 12 months house sales dropped by 20% in Aragón and by 18% in Galicia. In Catalunya there was a drop of 15%, almost 14% in Madrid, 13% in Valencia and 7.5% In Andalucia.
Out of all house sales in Spain for the first quarter of this year 58% were for used housing while 42% was for new housing.



--------from euroresidentes.com

I guess Cyprus is on the same boat as Spain but at a much smaller numbers. The market is still correcting it self because prices went a little crazy for a while.