Spanish property affordability tipped to grow

Spanish property will continue to become more affordable in the next few months before the market bottoms out, it has been predicted.

Paul Bradley, a spokesperson for the Spanish Property Owners Guild, said there has been an increase in enquiries but not bank lending, ruling out an imminent price recovery of the type that may be seen soon in Britain.

He stated that this means 2009 will see an extra seven per cent price fall before the market bottoms out.

Those seeking bargains in Spain may wish to consider this while looking for somewhere to purchase.

Mr Bradley suggested that such an investment will need to be a long-term one as price rises will not kick in for "at least three to four years" while unsold stock is cleared.

Knight Frank's Global House Price Index revealed that prices in Spain were 6.8 per cent lower in the first quarter of this year than they were 12 months before.

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