Spanish property sales ‘fall dramatically’
Spain is in the midst of a property crash, with sales in the once-popular Catalonia region falling dramatically, it is reported.
PropertyWire says figures from idealist.com show new housing starts in the region are down by 80 per cent, while sales have declined by around half, Brazilian property investors may be interested to learn.
Costal resorts around Barcelona have seen a steep fall, with asking prices declining by 15 per cent in Malgrat and Pineda y Premia de Mar and just over a tenth on the Costa Brava and Costa Dorada, the news provider reports.
Prices are also down in Barcelona city, with a decline of 8.6 per cent over the last year sending resale prices back to 2005 levels.
Last week, Property Wire reported that the latest figures from the Institute of Construction technology show developers have failed to sell almost a million new homes on the Spanish coast, largely due to British property investors abandoning the market.
