Spain prices have 'bottomed out'

Individuals looking to buy property in Spain will be pleased to hear that the market in the country has bottomed out and prices are beginning to stabilise, Overseas Property Professional has reported.

According to the Property Industry Report published by Instituto de Practica Empresarial, one of the primary contributing factors behind the stabilisation is the lack of fluctuation in the number of approved properties and the number of started properties.

Indeed, the news provider reported that, at the end of 2010, approved properties in Spain stood at 117,000, while the number of developments started was 160,000.

The organisation has forecast that home values will continue to stabilise, adding that some regions of the country could even see prices increase because of a decrease in supply.

Jose Antonio Perez, director of research at IPC, told the news provider: "Now is the time to start working on new plans of action and getting projects and developments underway because otherwise we could find ourselves faced with another collapse in demand in 2012-13 and the subsequent price falls."

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