Spanish property market 'unlikely' to recover in the short-term

Individuals looking to grab a bargain property in Spain will be interested to hear that the market is likely to remain at a low for a number of years.

According to an article for the Irish Times, the market in the country is unlikely to exit its current lull as a result of massive oversupply.

The news provider explains that this is a result of over excessive house building in the country during the boom years, which has left a glut of unsold and unfinished homes on the market.

"With an estimated 1.2 million Spanish holiday homes for sale and few buyers stepping up to the mark despite eye-watering falls in values, experts believe it will take many years to clear the newly-built stock," the article explained.

In addition to this, the recovery is being further compounded by the ever-increasing number of distressed property which is making its way back onto the market.

Meanwhile, Mark Stucklin, of Spanish Property Insight recently suggested that individuals wanting to bag a bargain in the country have every opportunity to do so at present.

Like this? Then share with your friends and colleagues!