Sales figures from the Department of Housing confirm the property market has taken a dive in recent months
A few days ago I reported figures from the Statistics office (INE) showing home sales in October down to the lowest monthly level in a decade. Now we have the latest (quarterly) figures from the Department of Housing (Min. Fomento) showing that sales fell 48pc between Q2 and Q3, and 26pc compared to the same period last year. That is a big fall by anyone’s standards.
Most disappointing of all, the Q3 plunge in sales to the lowest level on record comes after signs the market might have turned a corner, with sales up an annualised 2pc in Q1, and 28pc in Q2.
The following table shows quarterly sales and rates of change over the last 4 years. As you can see, despite the setback in Q3, the market is still 2pc bigger that it was at this time last year (in volume terms). In value (€) terms, the market is likely to be at least 10pc smaller.