of estate agents Knight Frank in Spain points ouit that
the Spanish property market dips in September after 8
months on the up
After the euphoria of August, when the market surged
27pc, a major blow to morale in September, as the market shrank
4.5pc compared to last year, ending a run of 8 months
Excluding social housing, there were 31,763 house sales in
September, down 19pc on August and 4.5pc on the same month last
year, according to the latest figures from the INE.
As illustrated by the chart above, September was a major
setback for any talk of a Spanish property market recovery.
Sales crashed to the lowest level in years after rising to the
highest level in 2 years in August.
Compared to last year, September sales were down 28pc in
Extremadura, 27pc in Castellon (Costa Azahar), and 25pc in
Granada (Costa Tropical), and 25pc in Cadiz (Costa de la Luz).
On the other hand, sales were up 49pc in Teruel, 25pc in
Huelva, and 18pc in Tarragona (Costa Dorada).
Both new and resale transactions had a bad month, but new
sales disappointed in particular, dropping 10pc on last
Nevertheless, year-to-date, the market is still up by 10.3pc
over 2009, and we need to wait a couple of months to see if
September represents a one-off or the start of a new trend
And finally, the table shows you the change in selected
regional markets in the year to date. Barcelona is doing best,
up 38pc on the same period last year, and Las Palmas in The
Canary Islands is doing worst, down 14pc.
Article reproduced with kind permission
from Mark Stucklin of the www.spanishpropertyinsight.com