Property Sales up / Prices down

Spanish property sales have increased over recent months, inspite of prices plummeting at their fastest rate for many years.

The latest report from the National Institute of Statistics (INE) reveals that 38,838 homes were sold in July, an increase of 15% on July 2009 and a 16% increase on June.

Mark Stucklin of Spanish Property Insight commented "If the figures are a true reflection of the market, that suggests that the worst is behind us, assuming there is no second act in this drama".

He continued "Once again, new home sales were greater than resales, as they have been most months since the crisis began."

The news follows data released by Tinsa, which suggested that property values in Spain were falling. Indeed, over the past 12 months, prices as a whole have decreased 4.6%.