Canaries property market almost at a standstill says National Statistics Office

The property market in the Canaries is virtually paralyzed, with a 90.6% drop in the year-on-year figures compared to 2008. So says the National Statistics Office (Instituto Nacional de Estadística – INE), which reports a 109% drop in new property sales and a 70.1% fall in resale property transactions, calculated on a monthly basis. There are two silver linings to this heavy cloud hanging over the islands. First, the fall in the resale property market is clearly slowing down, particularly in the rural sector, and secondly, private sellers and even developers are more prepared than ever to negotiate and offer some real bargains to those able to snap them up.  La Opinion

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