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Spanish property prices to continue decline

Source: Expatriate Healthcare - Mon 7th Mar 2011

Individuals thinking of relocating to Spain may be interested in recent comments regarding house prices in the country.

According to the Bank of Spain, the current decline in home values, which has seen 17 per cent knocked off prices since the market peak, could be set to continue.

The bank explained that the country's economy could be in dire straits for many years, with the high mortgage debt burden a key factor in preventing full recovery from taking place.

Reports suggest that there are over one million unsold homes currently in Spain.

"Looking at previous cycles, the experience of other countries, and indicators of affordability, the adjustment in housing prices could continue," the central bank said in a recent report.

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