House prices in Spain could fall 20 percent

House prices in Spain are predicted to fall more than 20 per cent according to Tasaciones Inmobiliarias, SA

 (TINSA – Spain’s leading real estate valuations firm).

Property sales in Spain dropped by 36% in November ’08 registered figures. The director of TINSA, announced at a press conference that even though many construction projects have been paralized, we are still seeing twice as many constructions complete as they are being sold.

TINSA also predicts that 2009 will end with over 1.5 million unsold homes. This is an increase of over 50 per cent compared to 2008, which ended with 930,000 unsold units.

Image by aparejador under Creative Commons.