News on the Spanish property market

October 2009 - Decline in planning applications and property sales

The planning authorities in the province of Malaga (Costa del Sol) have released figures showing a massive drop in the number of planning applications for new homes. In the year up to end of September 2008, just under 11,000 approvals for new homes were issued, but that figure dropped to just over 4,600 for the same period in 2009. In the most popular areas for foreign purchasers along the coast, some regions had no applications for new homes.

Sales of properties in Malaga province in August dropped 9% from last year. Sales of second-hand homes were down over 21% at 775 units, but sales of new homes increased nearly 5% to 945 units.