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'Opportunity exists' in Spanish property

Source: Expatriate Healthcare - Thu 30th Jun 2011

Expats and those thinking of relocating abroad might find that there is opportunity for investment in Spanish real estate.

Paul Collins, editor of property website BuyAssociation, said that the housing market in Spain is expected to continue to fall in the upcoming months, but within a year it should have reached its lowest price.

Then it will begin to recover, bringing "some signs of improvement on the horizon", he explained.

He added that "significant inertia" still exists and described how banks are offloading repossessed or depressed buildings, which is increasing the number of available homes.

Furthermore, "developers, agents and private sellers alike" are finding it difficult to sell premises, the expert concluded.

Bloomberg recently reported that Herm Meijer and three other analysts at leading bank JP Morgan and Chase informed investors the "large overhang of land", an anticipated rise in writedowns and more de-gearing by real estate and financial companies are impeding improvements to the domestic Spanish housing market.

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