Spanish market down 48% on 2007

2009 turned out to be one the worst years on record for the Spanish property market.

Year-on-year real estate transactions fell 27% to 372,000 according to the National Institute of Statistics (INE). Compared to the last year of the boom, 2007, transactions were down 48%.

Interestingly, resale sales declined at a slower rate than new build sales in 2009 which is a reverse of what one would expect. The reason may have something to do with banks offering preferential rates on new build property on their books.

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