Spanish market 'to bottom out'

The Spanish property market could be set to bottom out soon, it has been suggested.

Overseas Property Professional News said such a situation is possible as discounts could help attract more buyers.

It stated that the number of new homes being built in Spain fell 58 per cent last year and is expected to be lower still in 2009, while there remains demand for 400,000 new units a year.

The magazine argued that this could mean "all but the worst unsold stock" being snapped up.

Marbella-based agent Chris Clover told the publication there will be a "total recovery happening within three to four years".

Sales and marketing director for Taylor Woodrow Espana Victor Sague predicted that Marbella and parts of the Balearics Islands would be among those seeing the recovery first.

Earlier this month there was good news for Britons buying property in Spain after a court ruled that higher capital gains tax charges being levied on non-Spaniards breached European discrimination law.

This means that Britons can no longer be charged the tax at 35 per cent if they sell on a property while Spaniards are charged 15 per cent.
 

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