Property sales fall 31% in first quarter of 2009

According to figures published by the Ministry for Housing during the first 6 months of this year 217,589 houses and flats were sold in Spain – 31.16% less than during the first quarter of 2008 (316.096 houses and flats were sold during this period).

These are the worst figures for the housing market since 2004 when records on the number of property sales began. The fall of 31% in housing sales is the same as the fall registered for the same period in 2008 compared to the previous year.

During the second quarter of 2009 112,886 housing sales were recorded which is a fall of 29% compared to the same period for 2008 although it is an increase of 7.8% compared to the first 3 months of 2009.

The price of private housing fell by 8.9% in August compared to August 2008 which means that the year to year fall in prices is lessening.

According to the index of Mercados Inmobiliarios Españoles (IMIE) published today by the property evaluators Tasaciones Inmobiliarias (TINSA) house prices have fallen by 14% compared to figures for 2007 when housing prices reached their peak in Spain.