25 November 2009
The new homes market in Spain is showing tentative signs of recovery, according to the G-14 group of top Spain property developers.
Pedro Perez, head of the G-14 was quoted as saying on Spanish Property Insight that the sales of new homes in Spain will continue “consolidating in the coming months”.
However, there is a chance that Perez’s comments are merely “wishful thinking by [Spanish property] developers desperate for the market to start mopping up the glut of properties they created”, says Mark Stucklin of Spanish Property Insight.
Nevertheless, “there is some basis for the developer’s optimism in the latest sales figures from the National Institute of Statistics”, adds Stucklin.
The latest data released by the National Institute of Statistics reveals that sales of newly built properties in Spain increased by 7.6% from August to September, but remain down 20% year-on-year.
Pérez told the press. “It’s been comforting to see sales rise for the fifth consecutive month, something that means we can say that the sector is recovering since it touched bottom in April.”
Spain property developers argue that sales on new homes in Spain are increasing thanks to lower prices and a greater range of mortgage loans on offer.
See Also: Marc Da-Silva (269), Spain (67), G-14 (1)
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