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Monday 25 October 2010

Spanish & Canary Island Property Sales up on 2009

Spanish Property Sales are up on 2009 according to latest statistics. The media love to kick you when you’re down and Spain has received a particularly savage beating at the hands of the press over the past few years. It has not a bed of roses in the UK market either but at least British agents could console themselves that it could have been a whole lot worse – they could have been selling Spanish holiday homes in a rapidly falling and over-supplied market. However, new data published this week may cause a few UK agents to look south with envy and not just because of the sunny weather.Although, according to the TINSA index the rate of price falls in Spain is increasing (5% in September compared to 4.6% in August and 4% in July), property sales are up 26% year-on-year (although sales are down 45% on 2007) accordingly to the Spanish National Institute of Statistics (INE). Now Spanish house price statistics are hardly known for their robustness (in absolute terms) but they are usually fairly reliable when it comes to spotting trends. The best explanation for the figures is that Spanish vendors are finally beginning to realise that they have to accept lower prices. The stand off between buyers and sellers could be coming to an end and that only means one thing: higher transaction volumes and more agent commission. Contrast this with the situation in the UK where actuall prices achieved are falling sharply but asking prices are rising. I am not saying the Spanish property market is in a healthier state that of Spain long term; but I know which market I know which market I would rather be working in right now and its not the one where sellers have become deluded and out of touch with reality.
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