HOME property sales fell by 14.5% last year in the largest drop since 2013, which was at the height of Spain’s previous recession.

The figures from the Ministry of Transport, Mobility and Urban Agenda say that 486,982 sales were recorded in 2020 caused by the depressed market resulting from the coronavirus pandemic.

It was the second straight year of sale falls after a 2.1% decline in 2019.

The 2013 figures recorded a 17.3% drop in home deals.

Real estate transactions were falling last year before the full effects of pandemic restrictions started to kick in.

The period between January and March 2020 saw a fall of 16% on a year-to-year basis.

The third quarter of last year actually saw a 6.7% increase on the same period in 2019.

Though over 87% of property transactions were in second-hand housing, new property sales produced a rise in 2020, with a hike of 7% compared to 2019.

42,607 out of the total of 486,982 home sales were from non-Spaniards, which was 22% less than the previous year due to pandemic travel restrictions.

Subscribe to the Olive Press

This site uses Akismet to reduce spam. Learn how your comment data is processed.