February 4, 2005
“Don’t Panic” Call As Spanish Property Slows
Figures from Bank of Spain shows a slowly depleting reduction as much as six percent in property investment sales – possibly a good news for the country that do rely for tourism with an additional 12 percent of its gross national product and which still hands out jobs for 11 percent of its work force. The sudden drop of sales, from 5.5 million during the first 10 months of 2004, has actually concerned the Government and other industry sectors about the startling effect on this to the economy. The drop figured after the other countries have decreased the sales of their properties to a staggering amount and has viable competitions in other parts of the region, such as the one in the Spanish Costas – the most popular.
The drop is not necessarily bad news because “the market is starting to correct itself as buyers now turn to the inland to search for properties whose prices are offered at least 3-5 years ago.” According to one Spanish property expert, there is really no need to panic and be chaotic. “”The Brits really know what they are doing. They really know what properties to buy and are property savvy in their own right. If they spend at least a few hours on the internet, trying to buy properties, they could immediately be certain to have found properties well within 15 minutes of the famous resorts and Blue Flag beaches.”
“Most of the buyers are going for the inland properties in fresh villages surrounded by wonderful sceneries and investors are discovering rustic lands every day for new properties to stand in for the next generation and with a new demand at that. When the prices here are lower than 40 percent than the coastal spots, then there would be no startling discoveries if the overall sales figures are relatively lower than in the previous years. Spain is still the undefeated hot spot in the entire world because it’s the most popular and Europe has a strong economy to back that up. Aside from that, the country still offers the best range of investment.”
Posted on: Spain
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