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.

Author:  Nick Marr
 
Homesgofast.com