The first quarter of 2013 sees the Spanish real estate sector hit a record low in terms of sales turnover.
In the first three months of 2013 6.6 billion euros was spent on Spanish real estate, down 30% year on year, and the lowest quarterly amount ever recorded according to Spain’s Ministry of Public Works (Ministerio de Fomento).
The 6.6 billion euro figure was made up of 5.2 billion euros corresponding to resale housing and 1.4 billion euros for new housing, these numbers were down 27% and 39% respectively year on year. In total there were 51,538 home sales, not including social housing, the lowest quarterly level on record.
Andalucia was the region that registered the biggest investment in the first quarter, with 1.5 billion euros spent on property in the region. During the same period 1.3 billion euros was transacted in Catalonia, 0.92 bn euros in the Valencian Region and 0.86 bn euros in the Madrid region.