Coastal Spanish properties 'have reached the bottom'

In some parts of Spain, the bottom of the property market has been reached, it has been claimed.

Speaking at the Reuters Global Wealth Management summit in Geneva, chief investment officer at BBVA's private banking division Enrique Marazuela stated that real estate in coastal areas of Spain has hit its lowest point in terms of value.

"Now what we have seen is that the houses on the coasts are starting to recover, not so much on price but in transaction volumes and that is coming from European citizens that want to have a second house in Spain," he told the news provider.

Mr Marazuela added that those investing in a property in Spain should not expect to see significant rises in value in the short to medium term, but added that the marketplace in some regions is stabilising.

Last month, overseas mortgage specialist Conti revealed that it has seen enquiries about Spanish real estate rise so far this year.

According to the organisation, the number of queries about Spain increased by seven per cent compared to 2010, with 31 per cent of all mortgage enquiries received by the firm now relating to the nation.
 

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