Spain's real estate market reached bottom

29.09.2010 16:43
The head of the Spanish Government Jose Luis Zapatero made the declaration during the official visit to the United States.<br /><br />"In fact, over the past two or three months, prices have not only not falling, but rising in some regions of Spain - where was the most active buyers first home", - quotes his interview with U.S. television channel CNBC portal Spanish Property Insight.<br /><br />Spanish Prime Minister added that the demand for residential buildings is also growing. These words are confirmed by official statistics, according to which the number of transactions in housing has increased in July by 17,5% compared to June and by 16,4% - in annualized.<br /><br />At the same time, according to the newspaper El Pais, Zapatero persistently tries to convince Wall Street of the stability of the Spanish economy and, in particular, government bonds, which are actively traded on the New York Stock Exchange. Therefore it advantageous to talk about the favorable situation on the housing market, which is one of the key components of the national economy.<br /><br />However, not everyone shares the optimism of the head of the Spanish government. Some experts believe that increasing the number of transactions due primarily to the fact that financial institutions have rushed to dispose of property that was previously withheld for debts. However, if the current pace of sales of the current oversupply in the order of 1.5 million housing units, will be eliminated only after three to four years.<br /><br />According to independent analyst Mark Staklina, falling consumer activity by 30-50% compared to pre-crisis years will ultimately further decline in housing prices.<br /><br />By people from Spain are also confident that the houses and apartments will continue to become cheaper. This opinion is shared by more than 80% of the population, while 53% believe that prices next year will decrease slightly, while 30% expect a significant price decline.<br /><a href=""></a><br /><br />
Content tags: Overseas property
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