Spanish home sales soar boost for economy

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Spanish property sales soared almost 30 percent in August on a 12-month basis, official data showed Wednesday, a positive sign for the economy which was badly hit by the collapse of the market in 2008.

There were 43,817 property transactions during the month, almost the same as in July but up 29.6 percent from August 2009.

Over the first eight months of the year, property sales have risen 13.8 percent compared with the same period in 2009.

The bursting of the property bubble plunged the Spanish economy, Europe's fifth-largest, into its worst recession in decades in 2008 and sent the unemployment rate soaring to more than 20 percent, the highest in the eurozone.

It emerged during the first quarter of this year with tepid growth of 0.1 percent and 0.2 percent in the second.

A rise in home sales in January was the first in three years, spurred by lower prices and more attractive interest rates.

© 2010 AFP

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