Photo: Castilla y León Tourist Board
Spanish Market Will Pick Up Again
People considering investing in Spanish property should not be put off by the current troubles as the market will bounce back.
Spain has been one of the countries worst hit by the credit crunch and is experiencing a major economic downturn as a result.
However, according to reports in the Tenerife News, Santiago Baena, of the Spanish Real Estate Association, does not believe the current downturn will last long.
According to the website Ready 2 Invest he believes the country's property market will bounce back and enjoy growth once again, possibly as early as next year.
Commenting on current market conditions, Mr Baena said that Spain is currently experiencing a "severe adjustment".
For years Spanish property was in high demand from UK buyers which lead to a building boom and high prices.
Mr Baena said that while the upcoming rate of growth will be lower than during the boom years, normality will eventually return.
Despite the problems Spain is still attracting a lot of serious investors, and according to the Association of International Property Professionals (AIPP), the country accounted for more than a quarter of overseas purchases last year.
For anyone looking for a long-term investment in Spain, now could be the best time to buy, as resale prices are having to seriously be reduced in order for properties to sell and many developers are having to lower prices and introduce incentives in order to avoid hundreds of new-build properties standing empty.
However, according to reports in the Tenerife News, Santiago Baena, of the Spanish Real Estate Association, does not believe the current downturn will last long.
According to the website Ready 2 Invest he believes the country's property market will bounce back and enjoy growth once again, possibly as early as next year.
Commenting on current market conditions, Mr Baena said that Spain is currently experiencing a "severe adjustment".
For years Spanish property was in high demand from UK buyers which lead to a building boom and high prices.
Mr Baena said that while the upcoming rate of growth will be lower than during the boom years, normality will eventually return.
Despite the problems Spain is still attracting a lot of serious investors, and according to the Association of International Property Professionals (AIPP), the country accounted for more than a quarter of overseas purchases last year.
For anyone looking for a long-term investment in Spain, now could be the best time to buy, as resale prices are having to seriously be reduced in order for properties to sell and many developers are having to lower prices and introduce incentives in order to avoid hundreds of new-build properties standing empty.
Related links:
Spain News
Spain Homepage
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