The economic problems that European countries are facing has led to a drop in real estate prices and could be considered a good time to find a bargain property in Spain.
According to the Bank of Spain, house prices have fallen 30% since 2007 and continue to fall at a rate of 14.5% a year. The coastal regions that were once very popular with the British and international buyers have been hit with some of the biggest falls.
Some properties are being repossessed and sold on by the Spanish banks at knock-down prices. This is making it harder for those looking to sell to get a decent return on their investment, particularly if the pound continues to strengthen against the euro. (The Telegraph)
“Prices in this part of this country collapsed, meaning that, in spots, quality properties right on the beach are available for absolutely bargain prices on a cost-per-square-meter basis. Spain is still an economic basket-case, but it’s hard to go wrong with oceanfront property in a sunny climate that tens of millions of North Europeans can access cheaply thanks to Europe’s low-cost airline industry.”
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