Spain Property Market Overview

The Spanish property market boomed for over 20 years.

However, massive overbuilding and a weak Spanish economy has led to large prices fall across the country, particularly on the costas.

Spanish unemployment has reached record levels and it is doubtful whether sufficient action will be taken in order to restore economic growth in the short term.

Oversupply remains the largest problem in the Spanish property market. There are estimated to be over 800,000 empty properties across the country. Prices have crashed, often over 50% in some areas. It thought that nearly 2 million homes are owned by foreigners in Spain, most of these along the coast.

For those looking for a bargain property in Spain, now could be a good time to buy. For anyone with property in Spain it is a case of hanging tight and hoping the market will improve - however, we do not forsee any improvement in short term.

Contact us for more information on how we can help if you own property in Spain.