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Spanish distressed property boom expected to continue

Wed 8th Jun 2011

Recent data released by the Royal Institution of Chartered Surveyors (RICS) has revealed that Spain has already had a significant number of distressed property sales, however, rising interest rates are causing such sales to grow in number.

Estimates suggest that these properties will continue to contribute to falling property values in the country for at least a further 3 months - especially in the current environment where there is already a significant glut of properties on the market.

Whilst this is bad news for those with property already on the market, it is expected to could encourage investors to consider purchasing a distressed property in Spain, with such homes often selling for a price well below the usual market value.

Simon Rubinsohn, Chief Economist with RICS, comments : "As the global economy continues to strengthen, central banks must begin to address the spectre of rising inflation; a threat which is compounded in some markets by the continuing European sovereign debt crisis."

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