Total Area: 505,992 km²
GDP (in billion USD): 1,494
Spain, officially the Kingdom of Spain, is a sovereign state and a member of the European Union. It is located on the Iberian Peninsula in southwestern Europe. Spanish house prices continue to slide, as the economy slumps deeper into recession mainly due to weak demand and stringent austerity measures.
Property demand is currently very weak, as consumer and investor confidence fell amidst the struggling economy. The total number of properties sold dropped 29% to 349,118 units in 2011 from the previous year. In the first quarter of 2012, the total number of property sales was 70,228, according to the Ministry of Public Works. Of these about 91.2% were in the free market housing sector and the remaining 8.8% were subsidized housing.
Likewise, the total number of land transactions dropped 19.2% to 3,598 in the first quarter of 2012 from the same period last year. Over the same period, the total area of land transactions plunged by 15.2% to 4.63 million sq. m. while the total value fell by 32.9% to €582.86 million.
Spanish house prices are expected to fall by another 10% before reaching bottom, according to local property market experts.