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Expats lead the way in Spain property sales

Sat 8th Sep 2012
Expats lead the way in Spain property sales

The Ministry of Public works announed yesterday how the sale of resedential properties in Spain fell by 11.6% during Q2, when compared to the the same period of 2011.

Even though the sale of private homes in the April - July period was down to just 80,235 sales from the numbers seen in 2011, it marked a 15.6% increase on the first quarter of the year when just 69,420 transactions were registered.

The report added that a total of 333'562 sales took place in the June 2011 to June 2012 period.

Of Spain's 17 regions, just 2 have experienced an increase in home sales in Q2 : The Canary Islands, up by 1.4% and Valencia, up by 0.2%. However, for the rest of Spain there have been significant declines such as in Cantabria, a drop of 36.3%, and the Basque Country, with a fall of 31.1%.

The report also found that many of these home purchases were undertaken by foreigners living in Spain, and this kind of purchase has increased by 12.1% compared to the Q2 of 2011.

By the Government's own admission, Non-Spanish Citizens are seemingly therefore leading the way towards a recovery of the property market - and therefore the wider economy as a whole - maybe now the authorities will see the value in a thorough and widespread revision of the country's contraversial property laws.

Comment on this Story

 
"A thorough revision of Spain's property laws" would of course be the (belated) obvious and logical thing to do.... but since when has the Government ever done the sensible and logical thing ?
Robster - Sun, 9th Sep 2012