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Spanish Property Prices Fall For Fourth Consecutive Month

Thu 11th Aug 2011

The National Institute of Statistics (INE) yesterday reported how the number of property sales completed in June of this year dropped by 7.7% compared to May, and by 22.9% when compared with the same same period last year.

Resale properties accounted for 51.3% of the 28,612 total completions for the month, meaning that June was the fourth consecutive month where a decline in sales was recorded.

Real Estate and Consultation Agency, TINSA, observed that Spanish property prices have now fallen past pre-2005 level.

The largest fall in housing prices has been seen on the Costas, where the oversupply of properties has been more apparent following the collapse of the property bubble, with an 8.1% fall. However, prices in major cities and fell by an average of 6.7%.

Other factors that TINSA attributed to the fall in prices over this period were an increase in the interest rates affecting mortgage repayments, and the property sale tax being abolished at the start of the year.

Rising levels of unemployment and the economic uncertainty within the country at the moment are also urging would-be buyers of Spanish property to exercise caution before committing to a purchase.

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