Spain house sales on the up

LAST UPDATED: 1 Nov, 2010 @ 10:16
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Spain house sales on the up

SPANISH house sales continue to rise.

The country saw a rise of 1.5 percent in the first quarter of 2010 compared to the same period in 2009.

While this is slightly less than the jump in the previous quarter, which saw a 4.9 per cent rise at the of 2009, it is continuing an upward trend.

The housing minister insists this is largely the result of a surge in used house sales which rose by 31.3 percent, while new home sales fell by 21.5 percent.

In the first three months of the year 106,302 houses were sold, down from 131,544 in the fourth quarter.

It comes after it was announced that Andalucia was at the top of the list for house sales in March, with 7,219 houses sold.

It has also prompted America’s financial paper, the Wall Street Journal to report that some investors are looking at Spain’s financial problems as an opportunity.

It estimates that the investors are expecting a number of savings banks to dispose of property faster than expected as part of a furious effort to restructure.

A dozen of Spain’s 45 savings banks are racing to restructure before the end of June, when a deadline on bank bailouts set by the European Commission is due to expire.

“The impact of these changes will be that banks are going to be forced to liquidate their stocks,” said Adolfo Ramirez-Escudero, of surveying company CB Richard Ellis in Spain.

“We should be seeing more opportunity sales in the market.”

2 COMMENTS

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  1. What this article did not point out that the “rise” actually comes on the back of large negative fall in prices overall. Also, the Fitch ratings agency has estimated that house prices in Spain must fall by a further 30% between now and 2012 to bring them back to reality. So much for a 1.6% rise. The estate agents don’t tell you that of course lol.

  2. “SPAIN HOUSE SALES ON THE UP”, Closer to the trueth, the Spanish are stealing more houses from elderly expats.
    Are we really expected to believe this propaganda, more then likely initiated from the Spanish authorities who are busy plundering the homes of elderly expatriates, many fleeing and abandoning their homes in fear of losing what is left of their lives. What utter garbage, next they will tell us that Zimbabwe is this years top holiday destination.

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