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Spanish property market 'suffering from oversupply'

Source: Expatriate Healthcare - Fri 25th Feb 2011

Expatriates living in Spain might be concerned to learn that the property market is due to take six years to recover.

Rodriguez de Acuna, head of a property consultancy in Madrid, told Reuters that it will take a significant amount of time for the oversupply in the market to be absorbed.

He added that unemployment in the country is having a strong impact on the economy, with many locals struggling.

For expatriates yet to purchase a home in Spain this could prove beneficial if they are coming in from a foreign market.

Broker Berstein research told the news agency that property prices are predicted to fall by eight per cent this year. However, rating agency Fitch reported a 15 per cent divergence between offer and demand.

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