In the real estate agency Tecnocasa believe that since 2006 property prices in Madrid fell to 44,8%. Housing on the coast of cheaper by 50% or more. However, Professor, University of Cantabria Juan Enrique Varona said that during that time prices have fallen only by 15-20%. In his opinion, the real estate cheaper on 35% of all because the demand for it is very low, and supply volumes are disproportionately high, says Spanish Property Insight.
Related article: In the U.S., a new record for the decline in housing pricesAnalyst Spanish division of the company Jones Lang LaSalle (JLL), Carlos Ferrer Bonsoms assesses the current decline in 35-40% of peak performance. Before prices reach the bottom in areas with excess supply housing can go down in value by 15%. In most areas of Madrid and Barcelona fall in prices will slow, because real estate there is in high demand, experts believe.
Director of BBVA, one of the largest banks in Spain, Angel Cano, believes that in the next two years, prices will fall by 5-10%. However, not all over the country.
President of the Spanish branch of the consulting firm CB Richard Ellis, Nicholas de Llari Sanhenis, said that the residential market in Spain will need to restore at least five years. According to Mr. Sanhenisa, now offers a good business opportunity. The most attractive housing for permanent residence in the country's largest cities. Buyers should hurry to take advantage of favorable terms of financing deals offered by banks.
Experts rating agency S & P believe that real estate prices continue to fall, and in 2012 the property market recovery is unlikely.
The specialists of the international accounting firm Ernst & Young, also predict a significant recovery in the Spanish construction industry. With regard to prices, analysts say, they will continue to fall another 3 years.