Word of warning though on data, from Kyero:
‘Spain’s housing market has a variety of official and not so official sources providing their own reports on the total number of properties sold’
‘Tellingly it’s new build property sales which are taking the biggest hit’ due to the VAT hike.
‘Certainly a 37% drop in new build sales is a clear sign that many investors will have either completed their sale at the end of 2012 or are now waiting until new house prices drop in price to compensate for the tax changes creating substantial pressure to drop prices and offer greater bargains in new build’
Moody’s reckon ‘new house prices in Spain will continue to decrease at least for the next 5 years’ 😯