Spain’s Property Troubles To Improve

August 11, 2008

While Spain’s housing market flags, experts predict a bright future for the country’s property investors.

While it may seem that Spain’s property sector troubles will last indefinitely, a new report has given buyers hope. According to Euroconstruct, a construction sector forecast group comprised of 19 European research institutes, the troubles will be over by 2011.

Although this may seem like a long time to wait, it bodes well for investors who plan to hang onto their Spanish homes for at least three more years.

As reported by Mark Stucklin at Spanish Property Insight, Euroconstruct’s latest report on the European construction sector forecasts that property prices in Spain will continue to dip, falling an estimated 18 per cent in 2008, and 16 per cent in 2009.

Currently there is a minimum of 750,000 unsold homes on the Spanish property market, and the company says that the market will not pick up until these properties are sold.

This rare surplus of homes will allow new buyers to get on the property ladder with relative ease, and pave the way for a future where owning a home in Spain is once again the affordable option.

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