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Spanish property sales fall 25% over 12 months, resales hit the hardest

The number of Spanish properties sold in the last 12 months fell by 25.3% to 693,503 compared to the previous 12 months, according to new figures from the Ministry of Housing. New property sales fell by 8.5% to 385,939, and resales fell by 39.3% to 307,564.

On an annual basis, sales in the second quarter of 2008 fell by 31.5% to 155,861 compared to the same period last year. Resales fell by 46.9% to 64,956, whilst new property sales fell by 13.6% to 90,905.

On a quarterly basis (Q1 vs. Q2 2008), sales fell by just 2% in Q2, a big improvement on the 18% fall in the first quarter. Resales fell by 5.3%, whilst new property sales actually went up by 0.5%. This suggests that the market is beginning to stabilise.

Falling property sales have affected all Spain’s autonomous regions, though to different degrees.

Catalonia (-42.2%),
Ceuta and Melilla (-41,9%)
Balearics (-35,3%)
Navarra (-31,9%)
Valencian Region (-31,5%)
La Rioja (-29,8%)
Madrid (-28,9%)
Canaries (-26,4%)
Murcia (-22%)
Castilla y León (-21,2%)
Andalucía (-20,3%)
Cantabria (-16,4%)
Asturias (-16,1%)
Aragón (-16%)
País Vasco (-15,7%)
alicia (-7,6%)
Castilla-La Mancha (-4,5%)
Extremadura (-1,7%)

Foreigners living in Spain bought 10,695 properties in the second quarter of the year, 12.2% less than the previous quarter, and 57.4% less than last year. The number of non-residents buying property, presumably holiday homes, rose 1.87% to 979, at least according to the Ministry of Housing’s figures.

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