Brazilian property ‘may be better option than Spain’
The Spanish mortgage market is not likely to return to pre-recession conditions for up to two years, one expert stated, which may lead people to opt for Brazilian property.
Mark O’Sullivan, director of dealing at Currencies Direct, said the Spanish mortgage market is similar to the UK one and will remain limited in the near future.
He added that before the recession the market was offering 90 per cent loan-to-value rates and said in two years buyers will still probably need 40 per cent deposit to get a loan on the house.
"I can’t see short term how in Spain the mortgage market is going to free up. The Spanish banks are like the English banks – they are trying to reign in their lending," Mr O’Sullivan added.
However, James Gonzalez, market analyst at Obelisk Investment Property, recently told the Move Channel that Brazilian property is well placed for potential buyers.
