- OP Xtreme
- Business & Finance
- Crime & Law
- Food Drink
- News Features
- Insurance Doctor
- Jack Gaioni
- Legal Issues
- Loud and Clear
- Market Mumbles
- Mistress of Sizzle
- Property Insider
- Road to Riches
- Eating Out
- Andalucia Property Search
- Green Guide Spain
Spanish property prices to fall by a further 50%
January 14, 2013
• LAST EDITED:
February 9, 2013
Property • 340 Comments
• Spanish house prices could fall by a further 50%, according to analysts
Do you have news for us?
Click to contact the newsdesk!
SPANISH house prices could drop by a further 50% and may not recover for the next 15 years, according to experts.
The Costa del Sol is among the worst affected areas in the country, with the total fall in values predicted to be as much as 75% in some areas.
There are 800,000 used homes on the Spanish property market, with another 300,000 having been foreclosed by the banks and a further 150,000 in foreclosure proceedings.
What’s more, developers have 700,000 completed units not on the market and another 250,000 still under construction.
“The market is broken,” said Fernando Rodriguez de Acuna, vice-president of Spanish economic consultancy RR de Acuna & Asociados.
“In places like Castellon, near Valencia, where over-development was mad, banks are not financing anything and there is a high probability these properties will never be sold. They will have to be knocked down.
“Banks are offering huge discounts and nobody is calling. Marbella has already fallen by 50% and prices are going down and down.”
Reader Comments »
The views expressed in the comments above are those of our users and do not necessarily reflect the views of the Olive Press.
Messages will be moderated or deleted if they:
• Are considered likely to disrupt, provoke, attack or offend others
• Are racist, sexist, homophobic, sexually explicit, abusive or otherwise objectionable
• Contain swear words or other language likely to offend
• Break the law or condone or encourage unlawful activity. This includes breach of copyright, defamation and contempt of court
• Advertise products or services for profit or gain
• Are seen to impersonate someone else
• Include contact details such as phone numbers, postal or email addresses
• Describe or encourage activities which could endanger the safety or well-being of others
• If you have a complaint about a comment please email [email protected]