Spanish Property Prices - How Much Further Will they Fall
09 Apr 2011
After the latest Portugal debacle there is more and more speculation as to whether Spain will be next and make the PIG into PIGS. So what is the future of the property market in Spain and how much further they will fall? The answer to that question will probably depend on who you speak to.
Ian Waudby Managing Director of Crest Group International believes the market has another 10 percent to fall. “The market has another 10 percent to fall in total based on Tinsa’s current state of the market. However that would be the market as a whole and not prime location Marbella property which has hit the bottom” explained Ian.
Nick Stuart, Managing Director of Spanish Hot Properties believes Ian could well be right but not in the International property market. “My view is that certain types of property could fall by as much as twenty five percent but that’s the property no one wants to live in. Also some areas like Mijas Costa may be more negotiable than Marbella and within Costa del Sol we already have two international property prices with a much higher premium for Marbella properties. The other reality is that property deals currently being done are being done well under the relevant Tinsa average price” said Nick.
Ian tended to concur with Nick “We probably see the market from different angles but we are both agreed that prime location and luxury property is no longer effected by the crisis but as how far the market falls as a whole will be dependent on many outside factors” said Ian.
So as far as the Spanish property market is concerned it is very much a question of wait and see If Spain follows Portugal but if you get offered a good deal in the best locations snap it up quick.
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