Residential property sales in Spain fall

The number of homes sold in Spain dropped dramatically during the second quarter of the year, compared to the same period in 2010, it has been revealed.

An AFP report published on Expatica.com cited government figures that showed a 40.8 per cent fall in the level of Spanish property sales taking place.

The news provider noted that this followed on from a 30.4 per cent decline in the first quarter of 2011, compared to a year earlier.

It added that over 90,000 homes were sold in the three months from April to June, although there are an estimated 1.5 million properties still on the market in the nation.

And this reduction in sales is coupled with a decline in real estate prices in the country, with Global Property Guide revealing last month that housing values fell by 8.43 per cent in the second quarter, compared to a year earlier.

In addition, a quarter-on-quarter drop of 3.1 per cent was also recorded in the Spanish real estate sector during the same period.
 

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