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ARCHIVED - Spanish property sales continued to fall in November
Figures fell in 13 of the 17 of the regions of Spain, Murcia one of the exceptions
This Monday saw the publication by the Spanish government’s central statistics unit of the residential property sales data for the month of November 2019, showing that the number of transactions was 9.3 per cent lower than in the same month last year at 38,680.
This is the fourth consecutive year-on-year decrease and the seventh in the first eleven months of last year, indicating that activity in the market appears to have hit a ceiling and is suffering a downturn. Various factors may have contributed to the trend, including the continuing political uncertainty in Spain prior to the formation of a new government in January, indications that unemployment figures have bottomed out and could start to rise and others including the slowdown of general economic growth, but whatever the causes the government figures for the last four months leave little room for doubt.
As ever, though, there was a good deal of disparity among the results reported in Spain’s 17 regions in November. The sharpest year-on-year decreases were those of 25.5 per cent in La Rioja and 21.2 per cent in Madrid, while at the other end of the scale were increases of 7 per cent in Extremadura and 5.3 per cent in Aragón, with the Region of Murcia also bucking the trend once again with a minor rise of 1.2 per cent.
As is almost always the case, the region with most sales per 100,000 inhabitants of property-buying age during the month was the Comunidad Valenciana, with a figure of 151, due in no small part to the activity of the expat population in the Costa Blanca.
As a result of the recent monthly decreases the overall total of sales registered in the first 11 months of 2019 was 3.6 per cent lower than at the same point last year at 466.318, while the running 12-monthly total is 3.2 per cent lower than a year ago at a little over 500,600. Taking an even longer view, though, the extent to which the real estate sector in Spain has recovered is such that the level of sales activity is 70.4 per cent higher than when the market bottomed out in February 2014.
To view a wide range of properties for sale across Spain consult the Spanish property page.
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