Property sales down 32% in first quarter says Ministry of Housing

The number of Spanish properties sold in the first quarter of the year fell by 32% compared to the same period last year, according to the latest figures from the Ministry of Housing. In total 157,539 properties were sold in the first 3 months of the year.

Sales by developers of newly built properties fell 13% to 89,543, whilst resale transactions fell 47% to 67,996.

The Ministry’s figures are based on the number of title deeds signed before notaries – the final stage of a property transaction in Spain. The figures flatter the situation in the new build segment, as they reflect the results of private sales agreements made in a previous period, when the market was stronger. The number of new sales agreements being signed by developers at present is said to be down by around 60% compared to last year.

Over 12 months, from April 2007 to May 2008, there were 763,655 property transactions in total, a fall of 9% compared to the previous 12 month period.