The number of sales made in Spain has fallen another 21% compared to a year ago and was the slowest first quarter since the market turned in 2007, according to the latest figures from the National Statistics Institute.

While some foreigners are still buying holiday-homes in Spain, it is not enough to compensate for the collapse in Spanish demand and just over 22,000 Spanish homes were sold in March (excluding social housing). This is down 21% on the year and down 28% compared to the previous month.

The number of properties sold in Spain in March was down almost 70% than in March 2007, when the boom turned to bust. Once the average price fall of around 30% is added to the equation, the total value of sales is down by almost 80%.

Unemployment in Spain is heading for 25% and youth unemployment is already close to 50%. It is little surprise then that 43% of Spaniards think that house prices will keep falling throughout this year and just 2.8% of Spaniards plan to buy a home in 2013, a ccording to the latest survey by Spain’s CIS research group, which produces the national consumer confidence index.