spanish property could see surge in foreign demand
News Posted On: 22 January 2010
Spain is still the most popular country with those browsing and searching for overseas property on the UK's portals.
In the last few weeks Property Abroad.com put Spain property as the most popular for all of 2009, and then this was followed by the Move Channel saying that Spain had been the number 1 most popular country in December.
Spanish housing data has been improving recently with sales seeing a year on year increase in November, which was much larger than seen in previous months, and the government index said that prices had contracted slower in November.
None the less, the sales increase, big as it may have been was still nowhere near good enough with over 1 million unsold homes still languishing on the Spanish market.
However, those 1 million homes came as the result of building boom, on the back of massive demand from foreigners. With buyers already returning to market already this year, another stint of that good old foreign demand could soon clear those properties. We might not see such a level of demand until 2011 or 2012.
There is currently far more browsers than buyers, but this is not as bad a thing as it has been in the past. Today's buyer is researching his property purchase at a greater length than ever before, which takes time. It is entirely likely that the browsing now will be the buying 3,4,5 or even 6 months down the line.
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