Spanish property sales plummet in April

Just 20,997 homes were sold in Spain during April, with sales falling 32 per cent year-on-year, A Place in the Sun reports.

Analysts have claimed that the general consensus is that property prices will fall in the coming months, despite the fact that values have already plummeted by up to 70 per cent in some parts of the country, as a result of a slump in demand.

Data released by the National Institute of Statistics reveals that just over 20,000 homes were sold over the course of the month - 25 per cent down on March.

"The fall [in Spanish property sales] between December and January was dramatic - down 75 per cent," said Mark Stucklin of Spanish Property Insight.

"There is an obvious explanation for the drop in sales in the first quarter – the elimination of mortgage tax relief that brought forward sales into last quarter of 2010. This is likely to distort the market for at least the first four months of the year."

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