Fall in Spain property sales recorded

Sales of property in Spain dropped 26 per cent in December of last year when compared to statistics from 2007, new figures have revealed.

Data released by the country's National Statistics Institute has shown that 32,403 homes were sold in the final month of 2008, in contrast to the 43,798 that were purchased in the same month a year previously.

The Andalusia area saw the highest number of sales with 7,057, followed by Comunidad Valenciana with 3,775.

In contrast, there were just nine property sales in the autonomous city of Ceuta during the same time period.

The figures follow the recent publication of data by Tinsa, Spain's largest property appraiser, which predicted that prices of homes in the country could be cut by another 20 per cent before 2010.

Statistics from the firm showed that there were around one million unsold properties in Spain at the end of last year, with a further 500,000 forecast to go unsold this year.

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