Prices for both new and resale properties have already fallen by 40% thanks to a collapse in sales, according to Santiago Baena, President of the Spanish Real Estate Agents’ industry body (API).
Speaking at the start of the annual API conference in Logroño, Baena also said that 50,000 estate agents have had to shut up shop as a consequence of Spain’s property market downturn.
“It’s now a time for buyers, not vendors,” said Baena, in reference to the fact that, in this market, buyers hold all the cards.
An official from the Ministry of Housing reminded participants that property transactions fell by 32% in 2008, whilst forecasting that “the numbers will start to recover in the coming months.”
Note from your correspondent: I picked this up in the Spanish press. I couldn’t establish from the articles I read whether he meant 40% down from the peak, or over 12 months, or what. It think it’s fair to assume he means from the peak, back in 2006/2007.