Spanish property market posts improvements

There was a slight improvement in the Spanish property market in November last year, it has been revealed.

According to official figures, there were 28,732 Spain home sales in November, including 15,957 new home sales and 16,789 resales.

The statistics represent an increase of 20 per cent month-on-month.

However, despite the growing activity in the market, overall transaction levels still remain 8.6 per cent down on the same period of 2009, A Place in the Sun reported.

Mark Stucklin of Spanish Property Insight commented: "The annualised decline [in the Spanish property market] looks like it is starting to bottom out. That sounds like good news, but in a way it is a reflection of how far the market has sunk.

"After signs of a feeble recovery in the first half of the year, the market bombed in the last three months as a VAT hike kicked in and bad economic news failed to raise spirits."

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