The Spanish property market contracted by -48% in April, compared to April 2008, according to the National Institute of Statistics (INE).

The figures showed April had its worst property sales figure on record, with just 26,251 property transactions (excluding social housing). This figure was -16% less than in March and -39% below the first four months of 2008. The greatest fall in sales was recorded in the re-sale market, down -52% to 13,535, whilst new builds had fallen -43% to 15,682.

The largest decreases in property sales were recorded in the Castellon province (-63%), followed by the Balearics (-59%), Las Palmas province (-58%), and the Valencian Community (-56%). The fall in sales was less drastic in Málaga (-38%), Cantabria and Galicia (-33%).