Property sales figures lowest since 2006

According to reports from the housing department in the Ministry of Public Works, property sales in Spain fell in 2011 by 29.3%, in terms of volume.

There were 347,305 registered property transactions in 2011 which is the lowest level recorded since the crisis began. It is a fall of 64% since the peak in 2006 when just short of one million property transactions were recorded.

During the fourth quarter of 2011 there were 105,560 property sales in Spain, representing an increase of 37.9% from the previous quarter but, more importantly, a decrease of 29.9% over the same period in the previous year. It is the first quarterly figure to top 100,000 transactions, following three consecutive quarters below this figure.

In the autonomous regions Andalucía recorded the highest number of sales with 67,018, closely followed by Valencia with 48,028, Madrid  with 45,020 and Catalonia where 44,961 properties were sold. Madrid, Barcelona, Alicante and Valencia recorded the greatest increase in sales.

In terms of sales to foreigners, by province, Alicante came out on top with 2,532 sales, followed by Málaga with 1,158.

Of the Q4 total, 43,974 sales were for new homes, representing 41.7% of the total, leaving 61,586 resale properties, 58.3% of the total.

For the full year, new housing accounted for 126,840 transactions, 36.5%. Resale properties made up 220,465 sales, accounting for 63.5% of the total transactions. This data shows that since 2008, the second-hand housing market has achieved some stability, with annual transactions over 220,000.

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