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Spanish property market 'will bounce back'

Article Date : Monday, April 30, 2007       Bookmark on Facebook   Bookmark on Del   Bookmark on Digg   Bookmark on Facebook   Bookmark on Reddit   Bookmark on Spurl   Bookmark on Furl   Bookmark on Yahoo   Bookmark on Magnolia   Bookmark on StumbleUpon   Bookmark on BlinkList

Recent forecasts of house price falls in Spain will not impact upon the average British investor, according to one property specialist.

Stuart Law, managing director of Assetz, believes that a property price correction will lead to a healthier housing market and steady growth in the long-term.

He said that due to the high costs involved in Spanish property company shares, some investors have decided to exit the market.

"This could be good news for the property market as a whole, as it will reduce the vast gearing of listed property companies, reduce the high levels of house building which has led to some oversupply in the market," Mr Law told news provider About Property.

He said it could also decrease levels of illegal house building in Spain, "which is very distressing for buyers when they discover their purchase is not secure".

Assetz has predicted house price growth of between five and seven per cent over the forthcoming year.

Last week, economists at Lombard Street Research warned that the Spanish housing market could "implode" under the pressure of excessive supply and over-investment.
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