4 December 2009
A total of 110,709 Spanish homes were sold in third quarter of 2009, down 15% on the corresponding period last year, according to the Spain property register.
Around 400,000 properties in Spain were sold during the first nine months of this year, a significant fall compared to the million or so homes in Spain sold per annum during the peak of the market in 2006.
The data suggests that demand for property in Spain is declining, which is bad news for the market, given that there are currently around a million unsold homes lying empty in Spain at the moment.
The fact that supply continues to far outstrip supply suggests that property prices across much of Spain could continue to fall in the short-term.
However, the level of sales transactions recorded in the third quarter actually represented a 9.8% increase on the 100,850 properties in Spain sold during the second quarter of this year.
That is the first time Spain property sales have increased on a quarterly basis in three years.
The report shows that coastal provinces have been worst affected by the Spain property downturn, due largely to a fall in demand for holiday homes.
The greatest fall in sales over 12 months was recorded in Costa Dorada (-43%), followed by Costa de la Luz (-37%), Alicante (-36%), Balearics (-36%), Tenerife (-35%), Costa Brava (-32%), Cadiz (-32%) Castellon (-32%), Asturias (-31%), and Barcelona (-31%).
See Also: Marc Da-Silva (269), Spain (67)
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