brits buying property in spain to benefit from falling prices
News Posted On: 29 June 2009
Britons looking to buy property in Spain have plenty of time yet to benefit from falling property prices, it has been suggested.
According to Paul Bradley, a spokesperson for the Spanish Property Owners Guild, consumers are asking whether property prices are going down in the nation and whether they have reached the bottom.
"The answer to both of these questions is no," he stated.
Property prices were down 11 per cent in 2008 and are estimated to have fallen by another seven per cent this year, the expert said.
"Then I think we will have reached the bottom. However, even then no way will prices start increasing again until the unsold stock of one million apartments has been cleared out, which will take at least three to four years," he suggested.
Earlier results of the Knight Frank Global House Price Index showed that property prices in Spain fell by three per cent in the first quarter of 2009 against the previous quarter and by 6.8 per cent compared to the same period in 2008.
Written by Matthew Bonner.
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