Palma de Majorca.—The National Institute for Statistics (INE) yesterday said in a report commissioned by Central Government that in November last year, 90 properties changed hands for every 100'000 head of population in the Balearic Islands. The figure compared favourably with the national average of house purchase and sales - 73 for every 100'000 head of population.

Across the country as a whole, house buying and selling fell by 14.4 percent last November in comparison with the same month in 2010, the INE claimed.
However, the figure of 27'549 transactions was something of a recovery - up by 22.5 percent from the previous month of October when buying and selling was apparently at its lowest since 2007, and 18 percent lower than in October 2010.

With the 14.4 percent year-on-year slump registered in Spain last November, there had then been 9 consecutive months of year-on-year downturns in the number of housing transactions: 18% down in October, 28.2% (September); 38% (August); 34.8% (July); 22.9% (June); 18.3%(May); 29.7% (April);11.9% (March).

The decline came as a blow after a positive start to 2011 when the number of national housing transactions rose by 196% in January and 10.5% in February. The trend had broken four consecutive months of decline in the final part of 2010.

However, relatively speaking, the number of property transactions remains low because of the economic crisis. Within the last half year, there has never been more than 30'000 buying and selling exchanges within a single month, just half of what could be expected before the so-called “property bubble” burst.

Figures for the first 11 months of last year show that there had been a cumulative downturn in the housing market in Spain of 17.1 percent.
Of the 27'549 buying and selling transactions in the country last November, 86.8 percent were made in the private housing market.
Free market housing business however, was down by 15.5 percent in comparison to November 2010 and the subsidised housing market was down by 6.8 percent.

In November last year, 59.5 percent of all buying and selling exchanges taking place in Spain were carried out in Andalucia (6'004); Catalonia (3'667); Valencia (3'537) and Madrid (3'190).

The regions with the highest number of transations per 100'000 head of population were Castilla y Leon (648) and Castilla-La Mancha (570).


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