Spain is a buyers market as prices continue to fall
Despite the country’s economic woes, many experts believe there has never been a better time to buy property in Spain. With an estimated 2 million unsold homes in the country, The Guardian has reported that Spain is a ‘buyer’s market’ with sellers keen to do a deal as prices continue to fall.
Prices in the country have fallen by almost a third since 2008 and so it’s now possible to drive a superb deal on a new home in Spain. Keep reading to learn more.
Spanish property prices fell 11.2 per cent in July
The Guardian reports that house prices in Spain fell by 11.2 per cent in July, the biggest monthly fall since March last year. Overall, house prices have fallen by 31 per cent since the financial crisis hit in 2008.
Spain has an estimated 2 million unsold homes and prices have fallen across the country. Prices of property in the big cities have fallen by 11.8 per cent while they are down 11 per cent on the Mediterranean coast. Prices of homes in the Canary Islands and Balearics fell by a staggering 14 per cent in July alone.
The newspaper says: ‘Estate agents are reluctant to reveal the sort of discounts they are offering but it is a buyer's market. The huge surplus on the costa has rendered many developments effectively worthless and flats near the sea that might have cost upwards of ?300,000 (£235,000) can be had for half that.’
The average price per square metre for a property Spain was ?1,606 in July, 8.3 per cent down on a year ago. For a typical two-bedroom flat in town this amounts to an average drop from ?113,500 to ?105,000 in a year.
Spain continues to be a brilliant option for Brits looking for a low cost overseas home. Prices in the country continue to fall, the pound is strengthening against the Euro and sellers are keen to do a deal.