Abundance of properties available in Spain

Now is the time to buy property in Spain, with an abundance of homes now available on the market for savvy investors, Property Abroad has reported.

Indeed, it is estimated that there are around one million properties for sale in the Spanish market and prices are expected to continue to fall as the year progresses.

"Though this is not good news for sellers or developers, it most certainly is good news for buyers. Ideal locations such as Madrid and the Balearic region offer plenty of beautiful homes at affordable prices," the article stated.

Figures released by Spain's National Institute of Statistics show that home prices are currently on the decline, with residential properties falling by 2.2 per cent in the third quarter of last year.

Meanwhile, concerns over unemployment in Spain have been cited as the reason for declining house sales in the country during November, Bloomberg has reported.

Transactions declined by 6.2 per cent compared to the previous year making it the third consecutive month that sales have fallen.

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