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Spain sees fall in urban property sales through 2012

Tue 12th Feb 2013
Spain sees fall in urban property sales through 2012

The number of residential property sales across Spain's major Towns and Cities slid by 11.3% during 2012, according to data released yesterday by the Spanish National Institute of Statistics (INE).

Last year's slump is less than seen in 2011, when sales fell by 17.7%, due in part to a slight upturn towards the end of the year as potential homebuyers tried to avoid an increase on sales tax which rose from 4% to 10% in January 2013.

A total of 114,003 residential properties in Spanish cities were sold in December 2012, faliing 1.9% year on December 2011, and 14.4% down on November 2012, signaling continued pressure on Spain's construction and real estate sector.

Such 'urban properties' represent 84.2% of the total of homes that were bought in 2012.