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Spanish property sales down

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Sales of Spanish property fell by more than a quarter in the year to December 2008, new figures have revealed.

Data supplied by the Spanish National Statistics Institute have indicated that the number of sales dropped by 26 per cent during this time, declining from 43,798 to 32,403.

Andalucia saw its housing market hold up best, recording the highest number of sales in the month at 7,057.

The lower number of transactions could help first-time buyers and others keen to buy Spanish property by pushing prices down further.

Recent figures from property appraiser Tinsa revealed that the average price fell by ten per cent last year, with the company tipping values to dip by a further 20 per cent this year.

The Daily Telegraph noted that the fall included a 12.6 per cent drop in the Costas, while the Balearics and Canary Islands saw a smaller decline of 8.2 per cent.
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