13 Apr, 2012 @ 13:49
1 min read

House prices fall in Spain

HOUSE prices in Spain have fallen to become ‘a little more realistic’.

According to Kyero.com – Spain’s biggest English language property portal – prices in the country are readjusting and are likely to ‘bottom out’ this year.

The first quarter 2012 House Price Index revealed foreign purchasers from the European Union are continuing to take advantage of low prices to scoop up a bargain in Spain.

Eloise Horsfield

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  1. There is factually a HUGE SUPPLY of unsold homes all over Spain, including the Costa del Sol. Banks are having trouble even GETTING buyers at Auctions for discounted homes they sell. Sure prices are LOW, but buyers’ concern for ILlegality of house/ownership is VERY HIGH. If Spanish politicos on the “Road Shows” guarantee a legal purchase – they need to put up THEIR money as Law suits happen. ps. “Regularization” does NOT equal “fully Legal ownership” – nez pa?

  2. What would it actually take to give buyers absolute confidence to buy property in Spain? Who is or are the people who can pass a strong enough law to guarantee safety for buyers? I,m thinking of a document, issued by the highest authority in the land that cannot be assailed by any other authority in Spain. In other words a proper deed that cannot be questioned. WHO is the law in Spain? Is there an actual final governership in this land? If there is,it should act in it’s own obvious interests, which is to remove this ridiculous log-jam of frozen property.

  3. I dread to think off the ten of millions Spain is missing out on. Just shopping local tax. I have thought long and hard about buying. Truth is it safer to pay a few thousand to lease for a few months, no hang ups.
    But for those of you who rent out. I will tell you what is putting people in UK of renting a house/villa in Spain st the moment.
    Cannot ‘book in’ till 1600hrs. ‘Book out’ at ten in the morning as you need the time to clean ‘rubbish’, then want 70euros for cleaning. You are charging 350/500/700 euros a week that is now five days. You can now go to sharm 5* all inclusive for £400(with drink)I know it is difficult you do not know who is comming. For myself and friends flying in and out is an important part of out holiday, not hanging around airports
    Because we had to leave at 10am

  4. One presumes that it is in the best interests of Kyero to promote the notion that housing market will ‘bottom out’ this year. Hundreds of thousands of empty properties, record unemployment, massive budgets cuts, possible IMF intervention, political and social instability – these factors are unlikely to allow any such bottoming out.

    Property companies couldnt tell the truth, customers couldnt tell a lie…and banks couldnt tell the difference!

  5. Those involved in Spain’s unregulated property industry and the media too have been saying the market’s bottomed for years.

    Truth is, no-one knows how many unsold homes there are in Spain, some figures say 800,000-1.6 million new builds for sale, or 2 million homes in total. Economists say it could take 15 years to get rid of this lot. If no-one buys these the market will never bottom, the Banks are offloading their stock for low prices which keeps all prices lower. Who will buy the unsold homes many of which are mass urbanisations and poorly constructed?

    Eurozone and Spanish financial woes make buying in Spain, Greece, Cyprus etc decidedly unsafe for investment if countries leave the Euro.

    Spanish property industry, built on hype and no regulation!

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