PROPERTY SITUATION BLEAK

Latest figures show that the price of old housing fell on average by 1.6% in 22 provinces and the price of new housing fell in nine, with Andalucia being the hardest hit by the drop. Another study has revealed that some 40,000 real estate agencies closed down last year, half of the 80,000 companies that existed at the beginning of the year. Most of the companies were small ones, often just one-person outfits. A spokesman for the real estate sector said the building crisis was separating the chaff from the wheat and that those who survived would be in a better position in the long run.

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