Spanish Interational Property Market Stabilising

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Spanish Interational Property Market Stabilising

News Article Date: Wednesday 21st of October 2009

A new survey has suggested the property market in Spain may be starting to stabilise. Spanish Housing Ministry figures for September put the annual rate of decline at 7.8 per cent, down from the record 8.2 per cent figure seen in August, Reuters reports. The quarterly fall was also lower, with a 0.9 per cent decline in the three months to September, compared with a 1.9 per cent drop in the previous period. Consultant at financial analyst house AFI Felix Lores told Reuters: "This annual drop was a surprise as we were expecting prices to begin falling by double-digits before the adjustment had ended." International property buyers may be encouraged by the news, which could suggest a turnaround in the market is not far off. Recent figures from Tinsa’s survey also showed an easing of price declines last month, noted this week. However, it cautioned, this could be a hiatus before further falls. Such a situation could benefit those looking for bargain homes rather than investments.
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