According to data released by the Spanish Land and Mercantile Registrars Association, Spanish home sales dropped 24.6 percent during the lat year.

The data unveiled on Thursday indicated that 423,114 home sales were recorded in 2009 in the country, with used-home sales dropping 27.8% and new-home sales falling 21.8%.

The collapse of the realty business is one of the key aspects exacerbating Spain's financial disaster, since construction had largely powered the Spanish monetary boom of the late 1990s and early 2000s.

Intense job losses in that segment have overly affected immigrants, many of them from Latin America.

Spain's GDP has contracted for seven successive quarters, although the nation's central banking institution said in its most recent report that the Spanish economic system could gain from an increase in exports to other countries, which have already started to emerge from the worldwide slump. (With Input from Agencies)