Property in Spain could represent incredible value for property buyers in 2009 according to the Spanish property experts, Spanish Hot Properties. There is lots of gloom and doom especially with the recent news that a new statistic from the Ministry of Housing helps to show that the Spanish property boom is definitely over. The number of transactions involving resale properties is back to the pre-boom low, with sales falling 47% to 178,000 in the first 9 months of the year, compared to 339,500 in the same period last year. The fall is even more pronounced if you just look at transactions in the third quarter, when there were only 45,400 home sales in all of Spain.
Sales of newly-built properties have been holding up much better, down only 16% in the first 9 months of the year. This is little comfort for developers, however, who have seen an almost total collapse in new sales contracts, which will show up in the Ministry’s figures during the course of next year. Overall, Spanish property sales are down 33% year on year. Meanwhile, the international ratings agency Standard & Poors has forecasted that Spanish property prices will fall 30% peak to trough, saying that this will be the worst property crash for Spain since the 1970s. According to official figures prices peaked in the last quarter of 2007, and S&P doesn’t expect the market to turn around before 2010. However this news should be seen as an opportunity for those in a position to buy
As Spanish Hot Properties Managing Director explains “Demand for property in Spain declined considerably throughout 2007 but we have seen a considerable increase in real interested property buyers looking to take advantage at some point in 2009 with buyers in EIRE not having to deal with exchange rate problem having the best opportunity to get a real deal in 2009. However there won’t be enough sales to sustain the really big agents who have huge overheads but the ethical professional agents who look after there clients should have a good year in 2009 and be in a very good position to be the people to deal with in 2009” confirmed Nick.
So going into 2009 property buyers looking for Costa del Sol property, Homes in Costa Blanca North and Mallorca property should who are in a position to buy should really be able to take advantage of the doom and gloom current effecting the Spanish property market.
To find out more about the Spanish property market in 2009 contact the Spanish property experts Spanish Hot Properties.
HQ Mailing Address:
Spanish Hot Properties SL
Gerald Brennan 46
Alhaurin El Grande 29120
Malaga
Espana
CONTACT VIA TELEPHONE
UK: 0207 558 8355
International 0034 664 268 809
