Spanish Housing market contraction continues unabated

Home sales in Spain have fallen now for 16 consecutive months, as the housing bust marches on.

There were 22,173 house sale in June (excluding social housing), 10pc less than a year ago and 64pc less than May 2007. On a monthly basis sales fell 9pc.

Monthly home sales this year have been the lowest since the crisis began, as illustrated by the chart above.

Year to date, there were 142,591 home sales in the first six months, 21pc lower than the same period last year, and 64pc lower than 2007.

In value terms, assuming average price falls of around 30pc, the market is down by more than 75pc since the peak.

The following table provides all the key data on Spanish home sales over the last 5 years (click to enlarge).

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About Mark Stücklin

Mark Stücklin is a Barcelona-based Spanish property market analyst, and author of the 'Spanish Property Doctor' column in the Sunday Times (2005 - 2008). He can be reached by email on ms@spanishpropertyinsight.com. All articles published in good faith as a general guide but no substitute for professional advice. Please read the SPI disclaimer

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