Not there yet

2 October 2009 By Fiona Maharg-Bravo

Some indices suggest house prices in Spain are stabilising at last. Things may be not be deteriorating so rapidly. But a recovery would require a turn in the labour market, which looks some way off. And as things stand, house prices still look too expensive.

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Spanish house prices fell 7.7% in the second quarter of the year, against the same period last year, according date released by the Spanish Institute of Statistics on September 30. Quarter on quarter, the drop was just 0.4%.

Meanwhile, the volume of houses sold rose dropped 28% in the second quarter of the year, but rose 8% from the first quarter, according to the latest data from the Ministry of Housing, released in September.

Beatriz Corredor, Minister for Housing, said last week some property sellers have lowered prices, which is allowing a return of the longedfor normalisation in the sector. She urged the sector to continue to lower property prices.

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