Spanish property market 'suffering from oversupply'

 

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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