Spanish home sales shrink to low
Posted by:
Global Edge.com
in the Video Blog
channel on 12-23-2011
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There seems to be no end to the negative economic news in Spain. Figures just published from the National Institute of Statistics (INE) show that monthly home sales fell below 20,000 for the first time in October.
There were 19,801 homes sold in October, the lowest monthly sales figure since the crisis began.
It means the Spanish property market shrank 17% compared with last year and is down 10% on September. As the economic mood has darkened in 2011, INE figures show that transaction volumes compared to 2007 have fallen steadily throughout the year. Comparing October 2011 with the same month in 2007 reveals that the market has shrunk 74% since the crisis began.
Holiday home bright spot
The good news is that the holiday home market is the one of the bright spots in the market. Data is hard to come by but most established agents with strong product offerings for the international market seem to have had a reasonable year. In many areas, coastal prices were hit earlier and harder than the rest of the country which has created buying opportunities.
Lifestyle buyers from northern Europe may be harder to come by than pre-crisis but they still exist and have funds to spend when all their boxes are ticked.
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