Spanish property 'has reached lowest price of the recession'

The Spanish property market's prices peaked in 2006 and have fallen during the recession, which could make now the perfect time to buy.

The New York Times has highlighted the fact that people will now be able to buy a house in the Barcelona area for between ten and 30 per cent less than it would have cost prior to the downturn.

Mark Stucklin, a real estate industry expert, tells the news provider that property prices have probably fallen by as much as they are going to, although the Spanish market is nowhere near a rebound.

According to the news provider, the majority of buyers in Barcelona are local, with only ten per cent coming from outside of the country.

This could be good news for Brits, as a recent survey found that 57 per cent intend to retire overseas, with a quarter of these aiming to spend their final years in Spain.
 

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