Measured by activity, or transactions, the Spanish residential property market shrank 37% in November compared to the same month last year, according to the latest figures from Spain’s National Institute of Statistics (INE).

Overall, there were 32,792 residential property sales (not including social housing) in November, compared to 51,753 a year ago.

On a month to month basis, sales in November were 16% lower than in the previous month. It is normal for sales to fall towards the end of the year, but the fact that on a like for like basis (November 07 vs November 08) sales are down by 37% shows how serious the downturn is.

On a year to date basis, 11 months to November, sales are down by 29% for the country as a whole, compared to the same period last year.

Transactions in regions popular with foreign buyers show Tarragona (Costa Dorada) leading the way down with a fall of -54%, followed by Asturias -47%, Alicante (Costa Blanca) -46%, The Balearics -45%, Catalonia -44%, The Valencian Community -42%, Malaga (Costa del Sol) -40%, Barcelona -40%, The Canaries -36%, Girona (Costa Brava) -35%, Almeria -31%, and Murcia -19%.

Property transactions increased in Teruel +7%, and Extremadura +11%.