Spanish market will bounce back

People who are considering investing in Spanish property have been reassured that the market will pick up.

The European country has been among the countries hit by the credit crunch and is experiencing a major economic downturn as a result.

However, Santiago Baena of the Spanish real estate agents' association does not believe this state of affairs will last forever, reports the Tenerife News.

Indeed, he thinks the country's property market will bounce back and enjoy growth once again, possibly as early as next year.

Commenting on current market conditions, Mr Baena stated that Spain is currently experiencing a "severe adjustment".

He added that while the upcoming rate of growth will be lower than during "the boom years", normality will eventually return.

According to the Association of International Property Professionals, the country accounted for more than a quarter of overseas purchases last year.

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