Buyer's market exists in Spain, expert suggests

Demand for property in Spain could be set to rise following the comments of one market analyst.

Prices are expected to continue falling for at least another two years, with recent figures from the Bank of Spain suggesting that the outlook for the economy looks bleak.

Indeed, Mark Stucklin of Spanish Property Insight said that the Spain property market will remain a buyer's market for some time to come.

"If the past is anything to go by, average Spanish property prices will continue falling for another two years," he explained.

However, despite a negative outlook for prices in the country, Mr Stucklin expects new development activity to pick up.

"On the other hand, the bank forecasts that the slump in residential investment will bottom at the end of this year, when housing starts will have to start picking up again."

Figures released by the Spanish Ministry of Housing have revealed that there was a 5.9 per cent increase in the number of sales in the country in 2010, compared to a year ago.

Like this? Then share with your friends and colleagues!