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Spanish market 'bottoming out'

Source: Exptriate Healthcare - Mon 14th Mar 2011

Recent figures suggest that the Spanish property market appears to have bottomed out.

Indeed, the latest data from the government shows that planning approvals in the country have declined by 89 per cent over the last four years, with just 91,662 approvals given last year compared with the record 865,561 in 2006.

Meanwhile, the latest pricing index from Kyero revealed that prices fell by 4.5 per cent in the year to February 2011, a softer drop than in previous years.

People considering buying overseas property might want to take advantage of this and buy now before prices start to rise.

Mark Stucklin, of Spanish Property Insight, commented on the property market in Spain: "I forecast that 2010 will mark the bottom of this cycle for Spain's residential construction industry.

New home construction will start growing again in 2011, albeit weakly and from an exceptionally low base."

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