The real estate franchises have reduced their commercial network by 82% as a consequence of the real estate crisis. From 4,260 real estate offices actively selling properties in 2007 the number has been reduced to 730 offices in 2011, implicating in the loss of 13,000 jobs in the property sector during the same period.

Last year the reduction in franchise offices has continued and in the current environment there are only 14 operational chains of property agencies operating in Spain, comparing with 15 of them during 2010 and very far off from the 50 franchises selling properties in Spain in 2007, as was revealed in the annual inform about franchises in Spain compiled by Tormo and Associates.

With a total revenue of 70 million Euros during 2011, 32% less than the year before, these franchises are directly providing jobs to more than 2,400 people, comparing to that of 15,432 similar jobs in 2007.

Another sector that was significantly affected by the property market crisis in Spain is the financial services franchise sector. Last year this sector had more than 20 brands with 731 branches, 266 less than the previous year.  The total revenue of financial services franchises has dropped by 30,7%  from last year, affecting up to 88 million Euros worth of revenue and reduced employment from 2,638 employees in 2010 to 1,935 in 2011.

The total revenue of the Spanish financial services market in 2011 was 18,9 billion Euros, which represents a reduction of 1% since the lowest figure during the last 5 years.

Tags: Barcelona property agencies, selling residential properties in Barcelona, properties in Spain, Barcelona property, properties for sale in Spain