Spanish property market shrinks 28pc in January

The market is off to a bad start in 2012 with the lowest level of sales in January since the crisis began, according to figures from the National Institute of Statistics (INE).

There 28,505 home sales in January (excluding social housing), down 28pc on the same time last year and 63pc compared to 2007.

It’s the lowest level of sales in January since the crisis began, so no clear sign of any recovery in the air.

In value terms (transactions x average price) the market is down more than 75pc.

The only good news is that sales in January were the highest in 10 months, which may or may not suggest a slight improvement in conditions. We will have to wait and see.

The following table summarises monthly sales figures (exc. social housing) over the last 6 years:

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About Mark Stücklin

Mark Stücklin is a Barcelona-based property market analyst and consultant, and author of the 'Spanish Property Doctor' column in the Sunday Times (2005 - 2008). He can be reached by email on ms@spanishpropertyinsight.com.